Billionaire investor Warren Buffett has underlined his burgeoning interest in low carbon technologies by shelling out $26bn to acquire one of America's largest freight railway firms, Burlington Northern Santa Fe (BNSF).
Buffett's Berkshire Hathaway investment firm already holds a 22 per cent stake in BNSF and has now agreed to pay $26bn in cash and stock to buy the remaining shares, taking on $10bn in debt in the process.
The deal is the largest in Berkshire Hathaway's history and is being seen as an indication of the Sage of Omaha's growing confidence in both the outlook for the US economy in general and the prospects for low carbon businesses in particular.
Buffett stressed that his $100 a share offer had been motivated in part by the long-term advantages rail freight is likely to enjoy over more carbon-intensive road haulage operators.
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