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Warren Buffett becomes top shareholder in Bank of America

30 Août 2017

Warren Buffett's company is now Bank of America's largest shareholder.

As billionaire Warren Buffett turns 87 today, his investment firm Berkshire Hathaway Inc has become the single-largest shareholder in Bank of America - the second-biggest bank in the United States - by exercising its right to acquire 700 million shares at a steep discount.

Buffett also said Wednesday that he continued to have faith in investments in Bank of America Corp BAC.N and Wells Fargo.

Billionaire investor Warren Buffett, chairman and CEO of Berkshire Hathaway, told CNBC on Wednesday that USA economic growth does not feel like 3 percent. The billionaire turns 87 on Wednesday.

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Buffett had received the warrants in 2011 after investing $5 billion in the bank, which was suffering at the time from the fallout from the global financial crisis.

When asked if USA food company Kraft Heinz KHC.O would buy Mondelez MDLZ.O , Buffett said: "I think the answer is no on that".

The swap was made possible by Bank of America's decision in June to boost its dividend 60 percent, after the Charlotte, North Carolina-based lender passed a Federal Reserve "stress test" of its ability to navigate tough markets.

Berkshire had been receiving $300 million a year in interest on its preferred shares.

Warren Buffett becomes top shareholder in Bank of America