Warren Buffett is not successful the marketplace to bargain different railroad but helium met with the CEO of CSX earlier this period and discussed practice to marque freight obstruction much efficient, helium told CNBC's Becky Quick connected Monday.
Berkshire Hathaway Chairman Buffett and CEO-designate Greg Abel met with CSX CEO Joseph Hinrichs successful Omaha, Nebraska, connected Aug. 3 successful his bureau unsocial without immoderate advisors present. They made wide to Hinrichs that they would not marque a bid for CSX, but believed they could cooperate much to summation immoderate of the aforesaid benefits that would travel from combining the 2 companies.
CSX closed astir 5% little astatine $32.81 per stock connected the quality that Buffett isn't funny successful buying a railroad. Union Pacific fell astir 2%, Norfolk Southern mislaid much than 2%, and Berkshire Hathaway dropped little than 1%.
Buffett's comments travel aft Berkshire Hathaway's BNSF Railway and CSX announced a concern Friday to supply new coast-to-coast obstruction services. The concern is simply a mode to determination freight crossed the U.S. much efficiently without BNSF paying a premium to get CSX.
The usually staid railroad assemblage was shaken up past period erstwhile Union Pacific announced plans to bargain Norfolk Southern for $85 billion, which acceptable disconnected speculation that Berkshire could articulation the takeover fray. CSX shares jumped 9% successful July connected the speculation.