Warren Buffet generating cash for new acquisition of Burlington Northern
November 10, 2009 9:52 AM
Warren Buffett's comapny Berkshire Hathaway Inc. (NYSE: BRK.A), (NYSE: BRK.B) has planned to sell its stakes in Norfolk Southern Corp. (NYSE: NSC) and Union Pacific Corpn. (NYSE: UNP) before it completes its purchase of Burlington Northern Santa Fe Corp. (NYSE: BNI), according to its latest documents filed with the Securities and Exchange Commission (SEC) on Monday.
Last week, Berkshire agreed to buy the railroad company Burlington Northern (NYSE: BNI) for $26.3 billion.
The move could mean that Norfolk Southern Corp. (NSC) stock and that of Union Pacific Corp. (UNP) could face some selling pressure, if Berkshire Hathaway Inc. (BRK.A), (BRK.B) uses open market market route to sell off the Union Pacific Corp. (UNP) and Norfolk Southern Corp. (NSC) stocks.
