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Berkshire cuts Wells Fargo stake to under 10%

Berkshire has said that the sale of its Wells Fargo shares is to enable it to return to a percentage ownership below the 10 per cent notification threshold as stipulated by the US Federal Reserve.

New York

WARREN Buffett's Berkshire Hathaway Inc is cutting its stake in Wells Fargo & Co to less than 10 per cent after the Federal Reserve told the billionaire's company that remaining above that threshold would limit its ability to do business with the bank.

Berkshire sold 7

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