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Non-Tech : Berkshire Hathaway & Warren Buffet -- Ignore unavailable to you. Want to Upgrade?

To: 249443 who wrote (180)	11/10/2001 12:12:50 PM
From: 249443	Respond to of 240

M&T Bank to Buy Back Up to 5 Million, or 5.3%, of Common Stock search.bloomberg.com Buffalo, New York, Nov. 8 (Bloomberg) -- M&T Bank Corp., an upstate New York bank whose largest shareholder is Warren Buffett's Berkshire Hathaway Inc. said it plans to buy back as many as 5 million of its own shares. The shares, which account for about 5.3 percent of the Buffalo, New York-based bank's outstanding stock, are worth about $343 million at yesterday's prices. Companies typically buy back stock to reduce the supply of shares in the market and drive up their value. M&T bought 3.5 million of its shares between June and November. During that time, the bank's stock price fell 12 percent, while Standard & Poor's index of 47 regional banks fell 1.7 percent. M&T shares, which are up less than 1 percent this year, rose 5 cents yesterday to 68.60. Berkshire Hathaway owned 6.7 million M&T shares at the end of June.