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Warren Buffett has publicly coveted credit card company American Express Co. on numerous occasions. Now, the sage investor potentially will have an easier time to acquire the company, which he already owns a 13% stake in, because of a new amendment it adopted at its Monday shareholder meeting.
The new policy reduces the vote required to approve a sale to more than 50% from two-thirds. Buffett along with his executives at Berkshire Hathaway Inc. are probably grinning with glee over the changed rule and already are planning on how to use the revised amendment to its advantage. It may be no coincidence that Berkshire has said it's willing to spend as much as $60 billion for new acquisitions. Maybe those funds are waiting to be spent on American Express. - Gerald Magpily Categories Deal Video
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