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Berkshire Hathaway Inc. Message Board

  • Novalis_97 Novalis_97 May 4, 1998 8:13 AM Flag

    Buffett planning to buy up to 17% of Ame

    From American Express's "Notice of Annual Meeting
    of Shareholders to be held April 27, 1998," which
    was sent out with American Express's 1997 Annual
    Report:

    "In connection with obtaining the
    approval of the Board of Governors of the Federal Reserve
    System to acquire up to 17% of the outstanding voting
    shares of the Company, Berkshire and the Company have
    entered into an agreement (effective for such time as
    Berkshire owns 10% or more of the Company's outstanding
    voting securities), and Berkshire has made commitments
    to the Board of Governors, designed to ensure that
    Berkshire's investment in the Company will at all times be
    passive."

    According to Buffett's 1997 Letter to Shareholders, Buffett
    owned 49,456,900 shares, or 10.6%, of American Express
    as of 12/31/97.

 
BRK-A
205,880.00+1,840.00(+0.90%)Aug 29 4:03 PMEDT

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