Rail companies up after Berkshire-BNI offer
NEW YORK |
NEW YORK (Reuters) - Shares of U.S. rail companies rallied in premarket trading on Tuesday, after Berkshire Hathaway (BRKa.N) agreed to buy Burlington Northern Santa Fe BNI.N for $100 per share in cash and stock.
Burlington shares surged 28 percent to $97. Among the company's peers, Union Pacific (UNP.N) gained 8.1 percent to $59.50, CSX Corp (CSX.N) was up 8.5 percent to $46.50 and the iShares Dow Jones Transportation Average ETF ITY.P climbed 1.4 percent to $65.15.
(Reporting by Ryan Vlastelica. Editing by W Simon )
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