WASHINGTON (AFP) - – Warren Buffett unveiled Tuesday a deal to take over Burlington Northern Santa Fe, one of the largest rail operators in North America, calling it a huge bet on the future of the US economy.
The billionaire investor's Berkshire Hathaway holding group said it would purchase the 77.4 percent of Burlington Northern Santa Fe (BNSF) that it does not currently own for 100 dollars per share in cash and stock.
The offer values the rail operator at 44 billion dollars, including 10 billion dollars in debt. Buffett will invest some 26.3 billion dollars for the new stake.
'It's an all-in wager on the economic future of the United States. I love these bets,' said Buffett, known in financial circles as the 'Oracle of Omaha,' for his investing acumen.
The takeover bid represents a 31 percent premium over BNSF's closing share price Monday.
Wednesday, November 4, 2009
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