OMAHA — Warren Buffett's company will sell its stakes in Union Pacific (UNP) and Norfolk Southern (NSC) railroads before it completes its $26.3 billion acquisition of Burlington Northern Santa Fe (BNI) railroad.
Berkshire Hathaway's plan to sell those stocks was revealed in documents filed with the Securities and Exchange Commission on Monday.
According to a transcript of a conference call, BNSF's CEO Matt Rose told employees of his railroad that Berkshire plans to sell its 9.6 million shares of Union Pacific and 1.9 million shares of Norfolk Southern.
Berkshire owns 22.6% of BNSF's stock, and last Tuesday, it announced a plan to acquire the rest for $100 per share.
Berkshire officials did not immediately respond to questions on Monday.
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