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Actionable news in BAC: BANK OF AMERICA CORPORATION,

Berkshire to swap BofA preferred stock for 700 million common shares

Warren Buffett's Berkshire Hathaway said it would exercise its warrants to buy 700 million common shares of Bank of America, making it the largest shareholder of the lender.

Berkshire said it would exercise its warrants after the bank raises its quarterly dividend to 12 cents per common share.

The conglomerate said it expected to use $5 billion of Bank of America's 6 percent preferred stock that it currently owns to fund the...


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