Bank of America bought by Berkshire Hathaway: $813.32m-July 20,21,22
from yesterday
Warren Buffett's dealmaker closed the biggest 'blank-check' takeover ever this month. Here's why he may owe the Berkshire Hathaway chief for the deal.
Michael Klein, a former Citi banker, closed the $11 billion acquisition of US healthcare group MultiPlan by his Churchill Capital III investment vehicle earlier this month. Churchill Capital III is one of Klein's four SPACs, or special-purpose acquisition vehicles, which are designed to take companies public by acquiring or merging with them. Klein advised Berkshire when it looked at acquiring MultiPlan in 2013, the Financial Times reported on Tuesday. The deal didn't happen, but Klein became familiar with both the company and CEO Matt Tabak during that period, the newspaper said. Klein has worked with Buffett on several deals over the years. He persuaded the famed investor to buy $3 billion worth of Dow Chemical's preferred stock as part of the chemicals giant's $15 billion takeover of rival Rohm & Haas in 2009, according to Institutional Investor.
https://markets.businessinsider.com/news/stocks/warren-buffett-dealmaker-struck-11-billion-blank-check-multiplan-takeover-2020-7-1029413701#
from July 10
Oxy’s Sweetener a Bitter Pill for Warren Buffett
Warren Buffett's $10 billion preferred-share deal with Occidental Petroleum last year was like "taking candy from a baby," fumed shareholder Carl Icahn. That figurative baby whose new board now includes Mr. Icahn's deputies has found a way to snatch some of that candy back. The company announced in late June that it plans to hand out warrants: Specifically, it offered shareholders of record as of July 6 the ability to buy an eighth of a share for each one they own at $22 for the next seven years. The warrants can be sold for cash starting next month.
They serve a couple of functions. One is a consolation prize for existing shareholders now getting a symbolic dividend of just a penny a share. Some are suing Occidental for its ill-fated decision to buy Anadarko Petroleum. In addition to all the debt it had to take on for the purchase Occidental has some $40 billion of it the pandemic-induced oil market disruption has crushed its share price. The warrants also would eventually bring in over $2 billion in cash if exercised. Mr. Icahn's fingerprints are on the move to issue the warrants. In a statement relating to their issuance, he said he is pleased that the new chairman, along with his "three director representatives," have helped create "a more stockholder friendly board." But the warrants are also a quiet snub to Mr. Buffett, whose Berkshire Hathaway helped fund Occidental's gigantic acquisition with preferred shares not eligible to receive warrants. Occidental needed the $10 billion in cash to prevail over Chevron while avoiding a shareholder vote on ironically issuing new shares.
https://www.marketscreener.com/business-leaders/Warren-Buffett-6/news/Oxy-s-Sweetener-a-Bitter-Pill-for-Warren-Buffett–30905998/
from May 27
68% of Buffett's portfolio is in these 4 stocks
https://www.foxbusiness.com/money/warren-buffetts-portfolio-4-stocks-apple-bank-of-america
Bank of America Bank Review
The oldest parts of Bank of America date back 240 years. With the merger of BankAmerica and NationsBank in 1998, it became the first coast-to-coast bank in the U.S. It is now a global financial services company that serves one out of every two households in America.
Bank of America serves approximately 66 million consumer and small business clients through its 4,300 branches. It is number one in consumer deposit market share in the U.S. and is the number one small business lender.
https://www.investopedia.com/bank-of-america-bank-review-5069877
https://www.finviz.com/insidertrading.ashx?oc=1067983&tc=7&b=2