Monday, November 09, 2009

Berkshire Hathaway will unload UP and NS shares

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Berkshire Hathaway, Inc. disclosed in documents filed Monday with the Securities and Exchange Commission that it will sell all of the shares it holds in Union Pacific and Norfolk Southern prior to completing its planned acquisition of BNSF Railway.

Berkshire will dispose of 9.6 million shares of Union Pacific and 1.9 million shares of Norfolk Southern.

Berkshire, which already owns 22.6% of BNSF's stock, announced last week that it plans to acquire the rest for $100 a share in a deal worth a total of $44 billion, including assumption of debt. Two years ago, Berkshire began to sell some of its NS and UP stock as it increased its stake in BNSF.