Burlington Investors Vote for Buffett Deal, CEO Says

Burlington Northern Santa Fe Corp. investors owning about 70 percent of the railroad’s shares voted in favor of the $26 billion merger with Warren Buffett’s Berkshire Hathaway Inc.

The companies expect to complete the deal around noon tomorrow, chief executive officer Matt Rose said at a press conference today in Forth Worth, Texas, where the railroad is based. The tally counts only shares not held by Berkshire. Approval from two-third of non-Berkshire shareholders was required.

Buffett, the second-richest American, has described Berkshire’s purchase of Burlington Northern as an “all-in wager” on the U.S. economy. He’s said the deal will produce income for Berkshire for “the next century” as he positions the company to profit from his investments after his reign as chairman, CEO and largest shareholder comes to a close.

Read Full Article from BusinessWeek

- Posted: 2010-02-11 11:25:37

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