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Article: United States : Buffett makes US$44-billion bid for Burlington Northern.
- Article from:
- TendersInfo
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: rakshali03
Warren Buffett is finally taking his own advice.
The billionaire wrote an op-ed piece for The New York Times in October 2008, urging readers to buy U.S. stocks. Oddly enough, though, Buffett continued to play it safe with the cash held by his own company, Berkshire Hathaway Inc. This summer he was still sitting on a mountainous US$21-billion.
Buffett was waiting for the right opportunity and Tuesday he unveiled it: a US$26-billion deal to buy out Burlington Northern Santa Fe, the No. 1 rail operator in the United States.
Berkshire already owns 23% of Burlington Northern, so its offer is for the remaining 77% of the ...