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The Oracle of Omaha continued his spending spree Wednesday, taking another $3 billion out of Berkshire Hathaway Inc.'s coffers to invest in General Electric Co.
The U.S. conglomerate will sell Warren Buffett's company $3 billion in
preferred shares that pay an annual 10% dividend, and grant warrants to
buy another $3 billion of common stock with a strike price of $22.25 a
share for five years. GE revealed the investment alongside an
announcement that it planned to raise $12 billion in a common stock
offering.
The deal starts October off in much the same way that Buffett spent his way through September, taking a $5 billion stake in investment bank Goldman Sachs Group Inc. and paying an estimated $1 billion for 71.2% of Japanese toolmaker Tungaloy Corp. - George White See GE announcement See Dealscape post on Buffett's investments in September See Dealscape post on Goldman investment Categories Deal Video
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