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Real-Time news about Watford Leisure (London Stock Exchange): 0 recent articles
|spob: Buffett Has Big Stake in Wells Fargo Deal
October 3, 2008, 10:07 am Link to This
Wells Fargo's move to buy Wachovia on Monday - which bumped aside a previous deal with Citigroup - blindsided most of Wall Street on Monday. But it was probably no surprise to Warren Buffett.
Mr. Buffett is Wells Fargo's largest shareholder, holding a 9.4 percent stake in the San Francisco-based lender through his control of Berkshire Hathaway, regulatory filings show. And while his name didn't come up in any of Friday's official announcements, it would be highly unusual for Wells Fargo to forge ahead with this $15.1 billion transaction without first consulting its biggest stakeholder - and especially a stakeholder with the clout that Mr. Buffett carries as the nation's most famous investor.
On the surface, Wells Fargo and Wachovia would seem to be a good fit, but the merger could also raise some concerns among Wells Fargo's shareholders.
The acquisition will greatly increase Wells Fargo's exposure to the most exotic kinds of home loans, such as option adjustable-rate mortgages, which it largely avoided in recent years.
But Mr. Buffett has shown an increased appetite for risk in recent weeks, even as many others have pulled in their horns. He agreed to invest $5 billion in Goldman Sachs, which may be the healthiest of the major Wall Street firms but is still hurting from the credit crisis, and to invest $3 billion in General Electric, which is working hard to preserve its triple-A rating with credit rating agencies.
Asked about Mr. Buffett's opinion of the deal in a conference call Friday morning, a Wells Fargo executive said that "Warren can speak on his own interests."
This much was already clear: Mr. Buffett and Berkshire Hathaway just got a little bit richer.
With Wells Fargo's share price up $2.74 in early trading, their roughly 311 million shares gained about $834 million in value.|
|basso2: share price down today - and team in need of a good results over the hols.|
|basso2: So almost back in the pack now after a bright start, but AJ a huge miss since his departure. Will the share price ever move in a positive direction?|
|fullupfool: hope the footballers do better than the share price|
|rivaldo: Come on you Orns!!!!!! Alexacj, you're not the only one without a voice :o))
Just back from a brill weekend in South Wales.....what a match (great atmosphere with the roof closed too). Leeds were rubbish so the yellows didn't have to be much better and did the necessary job.
Can't believe some have to carp at a time like this - they should simply be thrilled that a relatively small club which were bankrupted by Vialli (spit) and on the brink of administration just 2-3 years ago is about to bank £40m.
Boothroyd is a genius. Let's hope he unearths some more gems similar to Marlon and Henderson for the defence and midfield.
Well done Chesty. If Watford do a West Ham who knows where the share price will go!|
|chesty1: WELL WELL WELL
3-0 bloody nil...VERY VERY VERY well done the Hornets & good luck for the coming season...
Will the share price react to this tomorrow..Of Course it will....
Fly baby fly..
3-0 I cannot believe it !!! What a fantastic scoreline Well done to all fans that went today & watched an amazing match..
Be lucky to all & glad I brought shares in this one this week...|
|chesty1: If this doesn't affect the share price nothing will.....Away aswell...LOL...
Not a holder BUT watching with great interest
Well done Watford & all fans & what a team to do it to...What a shame it had to be Palace....Plenty of fans in work to wind up...Lovely.
Be lucky to all & lets see who you get in the final.|
Watford Leisure share price data is direct from the London Stock Exchange