Warren Buffett’s Berkshire Hathaway said today that it would buy 700m Bank of America shares via warrants at below-market prices as it moves closer to becoming its largest shareholder, The Wall Street Journal reports.
The move was expected after the Charlotte, NC, bank received permission from the Federal Reserve this week to boost its per-share dividend to 48 cents a year. Buffett has said a dividend of this size would prompt his company to swap its preferred shares into common stock.
