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Warren Buffett becomes Bank of America’s largest shareholder

Warren Buffett’s Berkshire Hathaway Inc has became the biggest shareholder of Bank of America Corp. by acquiring 700 million shares of the company.

Now Berkshire is the biggest shareholder in the second and third largest U.S. banks, with 10 percent stakes of Wells Fargo & Co and 6.6 percent of Bank of America.

For payment, Berkshire has exchanged $5 billion of Bank of America preferred stock for common shares.

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