Warren Buffett’s Berkshire Hathaway Inc. exercised warrants to buy 700 million shares of Bank of America Corp., locking in an $11.5 billion investment gain in a move that was telegraphed earlier this year.
Buffett invested $5 billion in Bank of America in 2011 in exchange for preferred stock and the right to buy common shares. The cash infusion helped the bank put to rest doubts about whether it had enough capital, and its shares have more than tripled since then.
