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Berkshire Hathaway Inc Discloses 2.8% Stake In Goldman Sachs Group Inc-Reuters

Tuesday, 8 Oct 2013 05:44pm EDT 

Reuters reported that Warren Buffett's Berkshire Hathaway Inc disclosed a 2.8 % passive stake in Goldman Sachs Group Inc as it converted warrants acquired during the financial crisis. Buffett received the warrants five years ago when his investment in Goldman was seen as a vote of confidence in the bank, which was reeling from turmoil in the credit market. Under Buffett's deal with Goldman, Berkshire had the right to buy about 43.5 million Goldman shares - or a roughly 9% stake then - at an exercise price of $115 per share. Goldman had amended the deal in March, which gave Berkshire a much smaller stake but did not require it to commit any capital to exercise the warrants. 

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19 Dec 2014