Calling the move a "huge bet" on the American rail system, Warren Buffett said on Nov. 3 his Berkshire Hathaway company will purchase Burlington Northern railway for $44 billion.
"Our country's future prosperity depends on its having an efficient and well-maintained rail system," said Buffett adding that the deal was the biggest ever for his storied investment fund.
Buffett suggested that the purchase is something of a gamble, but one he is certain will pay off. "It's an all-in wager on the economic future of the United States. I love these bets," said Buffett, known in financial circles as the "Oracle of Omaha," for unparalleled investing acumen that has made his fund one of the most successful U.S. companies.
Burlington Northern CEO Matthew Rose said he company was equally excited by the deal. "We admire Warren's leadership philosophy supporting long-term investment that will allow BNSF to focus on future needs of our railroad, our customers and the U.S. transportation infrastructure.
Copyright Agence France-Presse, 2009
