Warren Buffet’s Berkshire Hathaway is poised to spend $34 Billion to buy out Burlington Northern Railroad, making it the company’s largest ever acquisition. The deal has been approved by the board of directors of both companies, but will still have to clear a 2/3rds vote of Burlington’s shareholders and antitrust laws.
There is no news yet of how this will effect Burlington employees, but Buffet is making a huge bet on the American economy. Burlington is the nation’s biggest hauler of bulk food items like corn and coal for electricity, as well as being a major shipper of consumer goods from the nations ports. Buying Burlington is betting that there will be a steady market for these goods, and that will only happen if the job market picks up again.
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November 3rd, 2009 at 11:11 am
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November 3rd, 2009 at 2:30 pm
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November 4th, 2009 at 9:00 am
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