Buffett becomes Bank of America's top shareholder
Warren Buffett`s Berkshire Hathaway Inc
Bank of America on Tuesday announced the exercise of the warrants, which gave Berkshire the right to buy the bank`s shares for about $7.14 each. Bank of America shares closed down 14 cents at $23.58 on Tuesday.
The announcement was made after U.S. markets closed.
The exercise gives Berkshire a roughly 6.6 percent stake in the second-largest U.S. bank, based on an increase in the number of Bank of America shares outstanding, Reuters data show.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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