Don’t look now, but the railroad tracks and trains that run through Wayzata in front of the Depot that used to be owned by James J. Hill have just been acquired outright by Warren Buffet and Berkshire Hathaway. Buffet now becomes part of the legacy of the railroad through Wayzata that includes the magnate Jame J. Hill. Here is an excerpt from the New York Times, as well as a link to the full article:
Berkshire Hathaway, the investment vehicle of Warren E. Buffett, said on Tuesday that it plans to buy the 77.4 percent of Burlington Northern it doesn’t already own for $44 billion in cash and stock, in the largest deal in Berkshire history.
The deal, which includes the assumption of $10 billion in Burlington Northern debt, represents what Mr. Buffett said was a big bet on the United States.
“It’s an all-in wager on the economic future of the United States,” he said in a statement. “I love these bets.”
In an interview on CNBC, Mr. Buffett said that the deal came together quickly last week, when he made a proposal to Matthew K. Rose, Burlington Northern’s chairman and chief executive. Mr. Rose took the proposal to his board — and got an answer in about 15 minutes.
Red the full article: Berkshire to Buy Rest of Burlington Northern for $44 Billion – DealBook Blog – NYTimes.com.
