Thursday, February 11, 2010

BNSF shareholders approve Berkshire Hathaway takeover

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BNSF Thursday said its shareholders had voted overwhelmingly in favor of the company's acquisition by Berkshire Hathaway Inc. Preliminary results show that approximately 70% of BNSF issued and outstanding shares not owned by Berkshire or its affiliates were voted in favor of the transaction, solidly above the 66-2/3% required.

bnsf_logo.jpgAdditionally, holders of at least a majority of the issued and outstanding shares of BNSF voted in favor, BNSF said. Both of these votes were required under Delaware law to adopt the merger agreement and were reported at a shareholder meeting held today at BNSF headquarters in Fort Worth., Tex. Representatives of Innisfree M&A Incorporated tabulated the votes and acted as independent inspectors.berkshire_hathaway_logo.jpg

 

“Tomorrow begins the first century of ownership of BNSF by Berkshire Hathaway. I’m looking forward to every day of it as our railroad does its part to ensure the future prosperity of the country,” said Warren E. Buffett, Berkshire Hathaway chairman and chief executive officer, in a statement.

Added  BNSFChairman, President, and CEO Matt Rose, “We are at an important milestone in our 160-year history. . . . This is a vote of confidence in BNSF and the future of freight rail, and it demonstrates how well our business model is aligned with our new parent company. By providing cost-effective and energy-efficient transportation that also benefits the environment, we are moving the goods that are crucial to consumers and our economy as our nation powers its way out of the recession.”

The merger is expected to close on Feb. 12.