Buffett Seeks to Boost Wells Fargo Stake:...
From Times Staff and Wire Reports
Buffett Seeks to Boost Wells Fargo Stake: Investor Warren Buffett is seeking to boost his stake in Wells Fargo & Co. to 22% from its current 9.7%, the San Francisco banking company reported. Wells Fargo said Buffet, the chairman of Berkshire Hathaway Inc., has filed an application with the Federal Reserve Board to purchase the additional shares. Wells Fargo has staged an impressive run-up of its stock price since last year. Wells Fargo stock closed down 37.5 cents at $85.875 a share on the New York Stock Exchange. At the current market price, it would cost Buffett more than $500 million to buy the 22% he wants of Wells Fargo.
