The billionaire is reportedly seeking to acquire the second largest railroad in the country for $34 billion.
New York (WiredPRNews.com) – Billionaire Warren Buffet is reportedly seeking to acquire the second largest railroad in the U.S. As reported by the Associated Press (AP), Buffet is planning to invest $34 billion in the purchase of Burlington Northern Santa Fe railroad.
Buffet is quoted by the AP as releasing the statement in regards to the deal, “Most important of all, however, it’s an all-in wager on the economic future of the United States. I love these bets.”
Buffet is further quoted as stating to CNBC of why the shipping costs for railroads make them an attractive investment, “They do it in a cost-effective way and extraordinarily environmentally friendly way…I basically believe this country will prosper and you’ll have more people moving more goods 10 and 20 and 30 years from now, and the rails should benefit. It’s a bet on the country, basically.”
As noted in the report, final approval decisions needed for the deal are expected to be made next year.
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