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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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