Buffett mulls change to canny Bank of America stake if dividend rises
Warren Buffett said on Saturday he plans to stick with the shrewd bet that his Berkshire Hathaway Inc made on Bank of America Corp , but might eventually swap the preferred stock that Berkshire owns into common stock. Berkshire bought $5 billion of Bank of America preferred stock carrying a 6 percent dividend, or $300 million annually, in August 2011, when many investors worried about the second-largest U.S. bank's capital needs. More importantly, Buffett also received warrants to buy 700 million Bank of America common shares at $7.14 each, ...
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