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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Watford Leisure | WFC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 1.25 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.25 | 1.25 |
| Top Posts |
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Posted at 09/10/2008 15:50 by spob Buffett Has Big Stake in Wells Fargo DealOctober 3, 2008, 10:07 am Link to This E-mail 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. |
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