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Investing.com -- Warren Buffett denied reports that Berkshire Hathaway (NYSE:BRKa)’s railroad BNSF was working with Goldman Sachs on a potential takeover of a rival railroad company, according to CNBC.
The 94-year-old billionaire told CNBC’s Becky Quick on Tuesday that neither he nor Greg Abel, his designated successor as Berkshire CEO, had spoken with anyone from Goldman Sachs about such a deal.
Buffett stated he would not seek advice from external bankers on deals, consistent with his long-held views against using expensive intermediaries. He has previously expressed that banks typically have strong financial incentives to push deals forward.
The denial comes after Semafor and Reuters reported on Monday that Berkshire had engaged Goldman Sachs to work on a possible takeover following Union Pacific (NYSE:UNP)’s expressed interest in Norfolk Southern (NYSE:NSC).
Recent market speculation had suggested BNSF might be considering acquiring CSX (NASDAQ:CSX) or possibly making its own bid for Norfolk Southern.
Abel is scheduled to succeed Buffett as Berkshire Hathaway’s CEO at the end of 2025.
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