Burlington Northern Santa Fe Corporation shareholders have voted overwhelmingly in favor of the company’s acquisition by Berkshire Hathaway Inc.
In all, preliminary results show that about 70% of BNSF issued and outstanding shares not owned by Berkshire or its affiliates were voted in favor of the transaction, above the 66-2/3% required. Additionally, holders of at least a majority of the issued and outstanding shares of BNSF voted in favor. Both of these votes were required under Delaware law to adopt the merger agreement and were reported at a shareholder meeting at BNSF headquarters in Fort Worth TX.
“Tomorrow begins the first century of ownership of BNSF by Berkshire Hathaway. I’m looking forward to every day of it as our railroad does its part to ensure the future prosperity of the country,” said Warren E Buffett, Berkshire Hathaway chairman and chief executive officer.
“We are at an important milestone in our 160-year history,” said Matthew K Rose, chairman, president, and CEO of BNSF. “This is a vote of confidence in BNSF and the future of freight rail, and it demonstrates how well our business model is aligned with our new parent company.”
The merger is expected to close February 12.
Through its main operating subsidiary, BNSF Railway Co, BNSF operates one of the largest North American rail networks, with about 32,000 route miles in 28 states and two Canadian provinces. Visit www.bnsf.com for more details.
