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FAMOUS American investor Warren Buffett has announced that his Berkshire Hathaway holding company will buy the Fort Worth-based Burlington Northern Santa Fe (BNSF) railway for US$34 billion pending shareholder and regulatory approval.

"This transaction offers compelling value to our shareholders and is in the best interests of all of our constituents including our customers and employees," declared BNSF chairman and CEO Matthew Rose.

Said Mr Buffett: "This is an all-in wager on the economic future of the United States. Our country's future prosperity depends on an efficient well-maintained rail system. Conversely, America must grow and prosper for railroads to do well."

The price to be paid by Berkshire Hathaway, which already holds 22 per cent BNSF, is $100 per share, almost double that of the share price in March and 32 per cent above the $76 per share closing price before the deal was announced.

BNSF chairman and CEO said the railroad's leadership is "thrilled to have an opportunity to become a part of the Berkshire Hathaway family."

This will be the biggest purchase in the history of Berkshire Hathaway.

(Source: www.schednet.com)