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Berkshire Seeks Fed Permission to Own as Much as 25% of AmEx

  • Request comes as a result of AmEx buybacks in recent months
  • Buffett made similar request for Wells Fargo stake last year
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Berkshire After Buffett

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Warren Buffett’s Berkshire Hathaway Inc. asked the Federal Reserve to allow it to hold as much as 24.99 percent of American Express Co., a stake that’s been growing because of the lender’s stock repurchases.

“This is an application to continue to retain American Express stock, not to buy additional shares,” Marina Norville, a spokeswoman for New York-based AmEx, said in an emailed statement. Berkshire applied to “increase the percentage ownership cap to 24.99 percent from the current 17 percent as a result of our share-repurchase program,” she said.