伯
克希尔哈撒韦公司(Berkshire Hathaway Inc.)同意斥资约260亿美元、以现金加股票的方式收购尚未持有的铁路公司Burlington Northern Santa Fe Corp77%的股份。此交易对Burlington Northern的估价约为340亿美元。这是伯克希尔哈撒韦公司给经济复苏押下的重注。伯克希尔哈撒韦董事长兼首席执行长沃伦•巴菲特(Warren Buffet)将这笔公司迄今为止最大的一笔收购交易形容为自己很乐意押下的巨大赌注，但他说自己并不是在赌下月或明年，而是要永久拥有这家公司。
巴菲特在接受采访时说，对Burlington每股100美元的开价已是倾尽自己所能；之所以为交易选择60%现金、40%股票的方式是因为公司不能以全现金方式进行交易。巴菲特说自己不愿意交出伯克希尔哈撒韦的股票，但为了完成交易必须如此。他透露交易完成后伯克希尔哈撒韦的现金规模为200亿美元，同时公司还将承担Burlington 100亿美元的债务。
Burlington董事长、首席执行长兼总裁马修•罗斯(Matthew K. Rose)说，伯克希尔哈撒韦在上周一晚间向Burlington董事会提出了收购建议，双方用了大概十天时间来敲定了这笔交易。罗斯对福克斯商业新闻频道(Fox Business News)表示，巴菲特非常清楚自己要什么，而且他也相当公道。
巴菲特这一举动似乎是在押注货运业势将复苏，尽管现在还没有太多回暖迹象。铁路业高管关于运量所做的最积极表示也不过是说低迷状况似乎已经触底。由于Burlington等大型铁路公司所承运物品无所不包，市场将它们视做经济活动的指标。巴菲特就说自己通过铁路周报数据来衡量经济健康状况。
这笔交易展示了典型的巴菲特投资品味，即青睐那些并不靠尖端技术而实现可观赢利的公司。总部设在得克萨斯州沃思堡的Burlington被视为全美管理最佳的铁路公司之一，尽管最近一段时间它的表现落后于竞争对手，而且上个月公司调低了第四财季预期。Burlington宣布，受所有业务部门收入及运量下降的影响，公司第三财季利润减少30%，降幅小于此前预期。
Burlington在美国28个州和加拿大拥有32,000英里铁路，公司去年实现了180.2亿美元的销售收入，使得它将将超过Union Pacific Corp.成为了美国第一大铁路企业。
伯克希尔哈撒韦对这家铁路控股公司的收购为其迅速扩张的能源领域确保了一条供应链。在美国中西部及西北部运营天然气管道及能源公司的MidAmerican Energy Holding Co.也是伯克希尔哈撒韦名下企业，Burlington的轨道穿过了上述地区，这也是为电厂供煤的必经之路。
伯克希尔哈撒韦对Burlington所开出的每股100美元的价格较其周一收盘价高出了31%。周二下午，Burlington股价飙升了约28%，伯克希尔哈撒韦A股微幅走高。
这笔交易已得到两家公司董事会的首肯，但尚需得到监管机构及Burlington股东的批准。双方预计交易将于明年第一季度完成。
Bob Sechler / John Kell / Scott Patterso
（更新完成）
Berkshire Hathaway Inc. agreed to acquire the 77% of Burlington Northern Santa Fe Corp. it doesn't already own for about $26 billion in cash and stock, placing a hefty wager on the economic recovery. The deal values all of the railroad holding company at $34 billion.
Berkshire Chairman and Chief Executive Warren Buffett called the deal, Berkshire's biggest ever, 'a huge bet and one that I'm very happy to make, but it's not a bet on next month or next year. We're going to own it forever.'
The $100 a share he offered was 'all I could pay,' he said in an interview, structuring the deal as 60% in cash and the rest in stock because 'we couldn't do an all-cash deal.' Mr. Buffett said he was loath to part with Berkshire shares but that doing so was 'necessary to get the deal done.' After the purchase, Berkshire will have $20 billion in cash, he said. Berkshire, Omaha, Neb., also will assume $10 billion of Burlington Northern debt.
Matthew K. Rose, Burlington Northern's chairman, CEO and president, said the deal took about 10 days to work out, from Berkshire's offer to the railroad's board meeting Monday night. Mr. Buffett 'knows exactly what he wants and he's pretty fair,' Mr. Rose told Fox Business News.
Mr. Buffett's move appears to be a bet that the freight industry is poised for recovery, though it hasn't shown much of a rebound yet. The best that most rail executives have said about volume is that it seems to have hit bottom. Burlington and other top railroads are considered a barometer of economic activity because of the breadth of goods they carry, and Mr. Buffett has said he uses weekly railroad data as a proxy for the economy's health.
The acquisition also exemplifies Mr. Buffett's taste for solidly profitable companies that aren't dependent on cutting-edge technology. Burlington Northern, Fort Worth, Texas, is viewed as one of the best-managed U.S. railroads, though recently it has underperformed its rivals and last month it cut its fourth-quarter forecast. Burlington Northern reported that third-quarter profit fell a less-than-expected 30% as revenue and volume fell across the board.
The company has 32,000 miles of track in 28 states and Canada, and its $18.02 billion in sales last year made it just barely the No. 1 rail company in the U.S., ahead of Union Pacific Corp.
The purchase would help secure a supply chain for Berkshire's rapidly expanding energy businesses. Berkshire owns MidAmerican Energy Holding Co., which operates a natural-gas pipeline and power companies in the Midwest and Northwest. Burlington tracks run through the regions, a coal-supply route for power plants.
The $100 a share Berkshire is paying is a 31% premium to the railroad's closing price Monday. Burlington Northern's shares were up about 28% Tuesday afternoon. Berkshire's Class A shares rose slightly.
The acquisition, which has been approved by the boards of both companies, is subject to approval by regulators and Burlington Northern shareholders. The companies expect the transaction to close in the first quarter.
Bob Sechler / John Kell / Scott Patterso
Berkshire Chairman and Chief Executive Warren Buffett called the deal, Berkshire's biggest ever, 'a huge bet and one that I'm very happy to make, but it's not a bet on next month or next year. We're going to own it forever.'
The $100 a share he offered was 'all I could pay,' he said in an interview, structuring the deal as 60% in cash and the rest in stock because 'we couldn't do an all-cash deal.' Mr. Buffett said he was loath to part with Berkshire shares but that doing so was 'necessary to get the deal done.' After the purchase, Berkshire will have $20 billion in cash, he said. Berkshire, Omaha, Neb., also will assume $10 billion of Burlington Northern debt.
Matthew K. Rose, Burlington Northern's chairman, CEO and president, said the deal took about 10 days to work out, from Berkshire's offer to the railroad's board meeting Monday night. Mr. Buffett 'knows exactly what he wants and he's pretty fair,' Mr. Rose told Fox Business News.
Mr. Buffett's move appears to be a bet that the freight industry is poised for recovery, though it hasn't shown much of a rebound yet. The best that most rail executives have said about volume is that it seems to have hit bottom. Burlington and other top railroads are considered a barometer of economic activity because of the breadth of goods they carry, and Mr. Buffett has said he uses weekly railroad data as a proxy for the economy's health.
The acquisition also exemplifies Mr. Buffett's taste for solidly profitable companies that aren't dependent on cutting-edge technology. Burlington Northern, Fort Worth, Texas, is viewed as one of the best-managed U.S. railroads, though recently it has underperformed its rivals and last month it cut its fourth-quarter forecast. Burlington Northern reported that third-quarter profit fell a less-than-expected 30% as revenue and volume fell across the board.
The company has 32,000 miles of track in 28 states and Canada, and its $18.02 billion in sales last year made it just barely the No. 1 rail company in the U.S., ahead of Union Pacific Corp.
The purchase would help secure a supply chain for Berkshire's rapidly expanding energy businesses. Berkshire owns MidAmerican Energy Holding Co., which operates a natural-gas pipeline and power companies in the Midwest and Northwest. Burlington tracks run through the regions, a coal-supply route for power plants.
The $100 a share Berkshire is paying is a 31% premium to the railroad's closing price Monday. Burlington Northern's shares were up about 28% Tuesday afternoon. Berkshire's Class A shares rose slightly.
The acquisition, which has been approved by the boards of both companies, is subject to approval by regulators and Burlington Northern shareholders. The companies expect the transaction to close in the first quarter.
Bob Sechler / John Kell / Scott Patterso
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