/ Source: The Associated Press
Warren Buffett's Berkshire Hathaway Inc. is investing at least $5 billion in Goldman Sachs Group Inc.
The announcement Tuesday from Goldman involves preferred stock that carries a dividend of 10 percent.
Berkshire also will receive warrants to purchase $5 billion of Goldman's common stock with a strike price of $115 per share. The shares are exercisable at any time for a five-year term. Goldman's shares closed at $125.05 Tuesday, up $4.27.
Goldman is also raising at least $2.5 billion in a public offering.
At last report, Berkshire had total assets of nearly $278 billion, including significant stakes in companies such as Wells Fargo & Co., American Express and the Washington Post Co.