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Spotlight: Berkshire Trims Stake in Wells Fargo

May 20, 1997

Berkshire Hathaway Inc., the insurance holding company controlled by billionaire Warren Buffett, said it sold 300,000 Wells Fargo & Co. shares, reducing its stake to 7.82% of outstanding stock. Shares of San Francisco-based Wells fell $14.125 to close at $265.50 on the New York Stock Exchange--the biggest one-day drop since October 1995. Berkshire held 6.99 million Wells shares as of March 31. On Dec. 31, it held 7.29 million, or 8.15% of outstanding shares. Berkshire declined to comment.

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