Berkshire to Sell Stakes in Norfolk Southern, Union Pacific


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 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 and 1.9 million shares of Norfolk Southern .

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.