Buffett is largest shareholder in BoA

New York: American billionaire Warren Buffett's Berkshire Hathaway group has officially become the top shareholder in Bank of America after exercising its right to buy 700 million shares at a discount. Buffett had received the warrants in 2011 after investing $5 billion in the bank, which was suffering at the time from the fallout from the global financial crisis. Bank of America said Buffett had acquired the shares for about $7.14 each — well below their Tuesday closing price of $23.58.