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Article: Buffett to Buy Stake in Salomon Brothers Inc.; Executive to Pay $700 Million for 12 Percent of Wall Street Investment Banking Firm
- Article from:
- The Washington Post
- Article date:
- September 28, 1987
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Warren E. Buffett, whose stock market acumen has made him one the
richest independent investors in the country, has agreed to buy a 12
percent stake in Salomon Brothers Inc., one of Wall Street's most
prominent investment banking firms, for $700 million.
In a simultaneous announcement today, Salomon said it has agreed
to buy out a 12 percent stake in the firm owned by Minerals and
Resources Corp. Ltd., a subsidiary of the giant South African
conglomerate Anglo-American Corp. Salomon said its agreement with
Minorco carries a total price of $809 million.
Wall Street sources said Salomon's deal with Buffett's firm,
Berkshire Hathaway Inc., emerged only a week ago, when Minorco
disclosed ...