Watch Warren Win With WellsNanette Byrnes
Warren E. Buffett wins again. On Oct. 18, just a bit more than two months after the investor logged a big gain from Disney's deal to purchase Cap Cities/ABC, another major Buffett holding, San Francisco-based Wells Fargo & Co., made an uninvited bid for Los Angeles-based First Interstate Bancorp. The deal, valued at more than $10 billion, would be among the largest in U.S. banking history and the industry's first major hostile purchase since Bank of New York Co.'s bid for Irving Bank Corp. in 1987. "It's a brilliant move," says Lloyd Greif, owner of Los Angeles' Greif & Co. and an investor in both banks.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.