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Warren Buffett, the world’s second richest man, is paying $26 billion through his Berkshire Hathaway company for the Burlington Northern Santa Fe Corp. The purchase price is 31.5 percent over the closing price of the company’s stock Monday 2 November. It is Buffett’s largest ever acquisition and will likely lead to the sale of some of his other holdings, US media are reporting. The deal is a departure from Berkshire Hathaway’s tradition of cash purchases. “Our country’s future prosperity depends on its having an efficient and well-maintained rail system,” Buffett says in a company press release. ,”Conversely, America must grow and prosper for railroads to do well.”

Links to other sites: Berkshire-Hathaway, Bloomberg, Reuters