Burlington Northern CEO: Deal Allows Railroad To Focus Long-Term
11 Febrero 2010 - 10:36AM
Noticias Dow Jones
The head of Burlington Northern Santa Fe Corp. (BNI) heralded
his shareholders' approval Thursday of a deal to sell the company
to Berkshire Hathaway Inc. (BRKA, BRKB), saying it will enable the
railroad to focus on long-term growth.
"We won't be necessarily worried about an individual quarter
[because] we will be looking at the longer term horizon" as part of
Warren Buffett's Berkshire Hathaway, Burlington Northern Chief
Executive Matthew K. Rose said.
He made the comments during a brief press conference following a
special meeting of Burlington Northern shareholders at the
company's Fort Worth, Texas, headquarters.
According to preliminary voting results, about 70% of Burlington
Northern shares that Berkshire Hathaway didn't already own were
cast in favor of the acquisition. The deal is expected to close
Friday.
During the five-minute press conference, Rose said he's been
distressed by investors' short-term focus, calling it "one of the
things I won't miss about my job" as head of a publicly traded
company.
He blamed "the speed of the news today," among others things,
for the trend.
"What our team is doing today, really won't be felt in terms of
capital spending for really five to 10 years" or longer, Rose said,
adding that Buffett understands the notion of investing for the
long term.
-By Bob Sechler, Dow Jones Newswires; 512-394-0285;
bob.sechler@dowjones.com
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