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  • 06/30/2017 05:00:16

    Warren Buffett's Berkshire Hathaway to exercise warrants to buy 700 mln Bank of America shares

    Shares of Bank of America Corp. rose 1% in premarket trade Friday, after Warren Buffett's Berkshire Hathaway Inc. said it will exercise its warrants to buy 700 million shares of the bank's common stock, when the Bank of America's dividend increase takes effect. The exercise price of the warrants will be about $7.14 a share, which is 71% below Thursday's closing price of $24.32. 700 million shares of common stock would represent about 7.0% of the shares outstanding, which would make Berkshire the largest shareholder, above the 6.6% stake owned by The Vanguard Group Inc., according to FactSet. Berkshire said it will use its $5 billion worth of 6% preferred Bank of America stock as consideration to buy the common stock. Berkshire received the warrants to buy the common stock when it bought the preferred stock on Aug. 25, 2011. The stock has rallied 10.1% year to date through Thursday, while the SPDR Financial Select Sector ETF has tacked on 6.2% and the S&P 500 has gained 8.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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