KCBD, NewsChannel 11 Lubbock |Berkshire to sell UP, Norfolk Southern stakes
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Associated Press - November 9, 2009 4:15 PM ET
OMAHA, Neb. (AP) - Warren Buffett's company will sell its stakes in Union Pacific and Norfolk Southern railroads before it completes its $26.3 billion acquisition of Burlington Northern Santa Fe Corp. railroad.
Berkshire Hathaway Inc.'s plan to sell those stocks was revealed in documents filed with the Securities and Exchange Commission on Monday.
According to a transcript of a conference call, BNSF's CEO Matt Rose told employees of his Fort Worth, Texas-based railroad that Berkshire plans to sell its 9.6 million shares of Union Pacific Corp. and 1.9 million shares of Norfolk Southern Corp.
Berkshire owns 22.6 percent of BNSF's stock, and last Tuesday, it announced a plan to acquire the rest for $100 per share.
Berkshire officials did not immediately respond to questions on Monday.
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