Warren Buffett's Berkshire Hathaway (BRK.A) (BRK.B) will file a Form-4 with the SEC reporting the sale of 7,134,447 shares of Wells Fargo (WFC) common stock between April 10, and April 12, the company said in a statement this afternoon.
"In the near future, we intend to sell 1,865,553 shares of Wells Fargo common stock in addition to the shares that are being reported on today's Form 4. These sales are not being made because of investment or valuation considerations. Rather they are solely motivated by the desire to return to a percentage ownership below the 10% notification threshold under the Change in Bank Control Act of 1978 and Regulation Y (Bank Holding Companies and Change in Bank Control).," Berkshire said in a statement.
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