Berkshire Hathaway buys toy and party supplies company

OMAHA, Nebraska (REUTERS) - Billionaire Warren Buffett's Berkshire Hathaway said it would buy direct marketing toy and party supplies company Oriental Trading for an undisclosed sum.

Berkshire will pay US$500 million (S$610 million), the Wall Street Journal reported on Friday, citing a person involved in the deal.

Oriental Trading, which filed for Chapter 11 bankruptcy protection in August 2010, is owned by more than a dozen financial institutions.

The company's shareholders held an auction earlier in the year that failed to yield a buyer, after which Berkshire stepped in with an offer, the Wall Street Journal said.