Buffett to Sell Stakes in 2 Other Railroads

OMAHA, Neb. (TheStreet) -- Warren Buffett's Berkshire Hathaway (BRK.A Quote) plans to sell its stakes in Union Pacific (UNP Quote) and Norfolk Southern (NSC Quote) before the firm completes a deal to buy Burlington Northern Santa Fe(BNI Quote).

Berkshire Hathaway last week announced it was purchasing Burlington Northern for more than $26 billion, making it Buffett's largest ever acquisition.

The same day the deal was announced, Matthew Rose, Burlington Northern's CEO, told employees Buffett would be disposing his holdings in Union Pacific and Norfolk Southern before the acquisition of Burlington Northern closes in the first quarter of 2010.

Rose's comments were found in a regulatory filing released publicly on Monday.

As of June 30, Berkshire owned almost 9.6 million shares of Union Pacific and 1.9 million shares of Norfolk Southern, a separate filing says.

-- Reported by Joseph Woelfel in New York .

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