OTHER NEWS - March 14, 1996
Times Staff and Wire Reports
Buffett OKd to Boost American Express Stake: Billionaire investor Warren Buffett has received permission to buy up to 17% of American Express Co., according to the company’s proxy statement. The investment would add to Buffett’s current 10.2% stake, already the largest holding in the credit card and financial services giant. Buffett and his companies hold 49.5 million common shares of American Express. Buffett has aggressively bought shares in some of the best-known U.S. companies in the last three decades. He received permission from the Federal Reserve Board for the increased stake, the proxy statement said. A Fed spokesman had no immediate comment; a Buffett spokeswoman did not immediately return a phone call.
