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Buffett in railroad buy-out deal Buffett in railroad buy-out deal
(about 4 hours later)
Billionaire Warren Buffett's investment firm is to take control of the second-biggest US railroad, in what is said to be his biggest deal yet.Billionaire Warren Buffett's investment firm is to take control of the second-biggest US railroad, in what is said to be his biggest deal yet.
Berkshire Hathaway agreed to buy the 77.4% of Burlington Northern Santa Fe (BNSF) it does not already own for about $26bn (£16bn) in cash and stock.Berkshire Hathaway agreed to buy the 77.4% of Burlington Northern Santa Fe (BNSF) it does not already own for about $26bn (£16bn) in cash and stock.
BNSF is the biggest US haulier of products such as corn and coal.BNSF is the biggest US haulier of products such as corn and coal.
Mr Buffett said that the deal was "an all-in wager on the economic future of the United States".Mr Buffett said that the deal was "an all-in wager on the economic future of the United States".
"I love these bets," he added."I love these bets," he added.
Ships goods
Including past investment and the assumption of $10bn of BNSF debt, the deal is valued at $44bn.Including past investment and the assumption of $10bn of BNSF debt, the deal is valued at $44bn.
The railroad also ships goods from western US ports including refrigerators, clothing and TVs.The railroad also ships goods from western US ports including refrigerators, clothing and TVs.
Berkshire Hathaway already owns about 22% of BNSF and said it will pay $100 a share for the rest of the company.Berkshire Hathaway already owns about 22% of BNSF and said it will pay $100 a share for the rest of the company.
The deal has been approved by the boards of both companies, but still needs backing from two-thirds of BNSF's shareholders.The deal has been approved by the boards of both companies, but still needs backing from two-thirds of BNSF's shareholders.
The railroad expects to clear those hurdles in the first three months of next year.The railroad expects to clear those hurdles in the first three months of next year.