Warren Buffett's Berkshire Hathaway Inc has spent $2.07 billion on Bank of America Corp shares since mid-July, after winning regulatory permission to increase what was already its largest common stock holding other than Apple Inc .
Buffett’s assistant did not immediately respond on Wednesday to a request for comment. Bank of America did not immediately respond to similar requests.
In April, the Federal Reserve Bank of Richmond approved Berkshire’s application to boost its Bank of America stake as high as 24.9%, more than twice the usual 10% limit for investors, according to a Richmond Fed spokesman.Buffett began investing in Bank of America in 2011, purchasing $5 billion of preferred stock plus warrants to buy 700 million common shares, at a time many investors worried about the bank’s capital needs.
The Omaha, Nebraska-based conglomerate is also spending $4 billion to acquire some gas assets from Dominion Energy Inc , and may have repurchased billions of dollars of its own stock.Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis
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