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Warren Buffett's company will sell its stakes in Union Pacific and Norfolk Southern railroads before it completes its $26.3 billion acquisition of Burlington Northern Santa Fe railroad.
Berkshire Hathaway [BRKA
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] plan to sell those stocks was revealed in documents filed with the Securities and Exchange Commission on Monday.
According to a transcript of a conference call, BNSF's CEO Matt Rose told employees of his Fort Worth, Texas-based railroad that Berkshire plans to sell its 9.6 million shares of Union Pacific [UNP
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] and 1.9 million shares of Norfolk Southern [NSC
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].
Berkshire owns 22.6 percent of BNSF's stock, and last Tuesday, it announced a plan to acquire the rest for $100 per share.
Berkshire officials did not immediately respond to questions on Monday.
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Data is a real-time snapshot *Data is delayed at least 15 minutes