The PacifiCorp announcement renewed general interest in Buffett’s approach to acquisitions. Exhibit 8 gives the formal statement of acquisition criteria contained in Berkshire Hathaway’s 2004 Annual Report. In general, the policy expressed a tightly disciplined strategy that refused to reward others for actions that Berkshire Hathaway might just as easily take on its own. Analysts scrutinized the PacifiCorp deal for indications of how it fit Berkshire’s criteria. Several noted that the timing of Berkshire Hathaway’s bid closely followed Duke Energy’s bid to acquire Cinergy for $9 billion. The PacifiCorp deal was expected to close after the federal and state regulatory reviews were completed, sometime in the next 12 to 18 months.