Goldman Sachs (NYSE: GS) says Warren Buffett's Berkshire to invest $5B in Goldman preferred
September 23, 2008 5:56 PM EDT
Goldman Sachs (NYSE: GS) is selling $5 billion in perpetual preferred stock to Warren Buffett's Berkshire Hathaway and the company plans to raise another $2.5 billion through a common stock public offering.
The preferred stock has a dividend of 10% and is callable at any time at a 10% premium
Goldman Sachs CEO, Lloyd C. Blankfein, said, "We are pleased that given our longstanding relationship, Warren Buffett, arguably the world's most admired and successful investor, has decided to make such a significant investment in Goldman Sachs. We view it as a strong validation of our client franchise and future prospects."
Warren Buffett said, "Goldman Sachs is an exceptional institution. It has an unrivaled global franchise, a proven and deep management team and the intellectual and financial capital to continue its track record of outperformance."
Shares of Goldman Sachs are up over 8% in after-hours action to $135.
September 23, 2008 5:56 PM EDT
Goldman Sachs (NYSE: GS) is selling $5 billion in perpetual preferred stock to Warren Buffett's Berkshire Hathaway and the company plans to raise another $2.5 billion through a common stock public offering.
The preferred stock has a dividend of 10% and is callable at any time at a 10% premium
Goldman Sachs CEO, Lloyd C. Blankfein, said, "We are pleased that given our longstanding relationship, Warren Buffett, arguably the world's most admired and successful investor, has decided to make such a significant investment in Goldman Sachs. We view it as a strong validation of our client franchise and future prospects."
Warren Buffett said, "Goldman Sachs is an exceptional institution. It has an unrivaled global franchise, a proven and deep management team and the intellectual and financial capital to continue its track record of outperformance."
Shares of Goldman Sachs are up over 8% in after-hours action to $135.
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