Short Lines & Regionals
Switching & Terminal
Monday, December 07, 2009
FTC clears BNSF takeover; Berkshire plans stock split
Douglas John Bowen
The Federal Trade Commission has given Berkshire Hathaway, Inc. antitrust approval for its planned takeover of Burlington Northern Santa Fe Corp.,operator of BNSF Railway. The approval, which was expected, appeared Mondayin a list of antitrust clearances routinely issued by the FTC.
Berkshire has offered to pay $26.4 billion for the 77.4% of BNSthat it does not now own. Combined with previously owned shares and$10 billion in debt, the takeover is valued at around $44 billion. Berkshire has also filed a preliminary proxy statement withthe Securities and Exchange Commission giving notice that it has set Jan.20 for a special shareholders meeting in Omaha. Shareholders will beasked to approve a 50-for-1 split of Berkshire's Class B shares. The higher-priced Class A shares will not be affected. The split would bring Class B shares down to about $66 eachfrom their current level of around $3,300. Berkshire's Warren Buffett said earlier in an interview withCNBC that the split will enable "anybody that has as little as oneshare of BNSF to opt for the tax-free exchange ... So those small shareholderscan have exactly the same availability that otherwise would only have beenavailable to a big shareholder."
CSX re-opens Chicago Locomotive Shop
North American freight rail gains continue
Gooden, Mongeau, Elliott headline MARS Winter Meeting
“Aw shucks, we’re happy to help”
Freight traffic gets good December start
back to top
Webinars & White Papers
More Rail Resources
Books & Training
Railway Track & Structures Magazine
International Railway Journal
The Railway Educational Bureau
Marine Log Magazine
Sign Builder Illustrated
Bar Business Magazine
Copyright © 2014 Simmons-Boardman Publishing Inc.
Scroll To Top
Forgot your password?
Forgot your username?