Berkshire Rail Sale Plan Gets U.S. Regulator’s Blessing
Berkshire Hathaway Inc. (BRK/A)’s plan to sell two small railroads it owned when it bought Burlington Northern Santa Fe Corp. will satisfy U.S. rail regulators.
The U.S. Surface Transportation Board, in a letter today to Burlington Northern Executive Vice President Roger Nober, said that “prompt” sales of the railroads would be “an appropriate remedy.”
West Virginia Democrat Jay Rockefeller, the chairman of a U.S. Senate committee overseeing railroads, last week said the purchase by Berkshire, where Warren Buffett is chief executive officer, should have been reviewed by the rail regulator and not just U.S. financial regulators.
STB Chairman Daniel Elliott told Burlington Northern to send the board written progress reports on Nov. 1 and Dec. 1 with the status of the sales.
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