(Bloomberg News circulated the following story by Josh P. Hamilton on October 5.)
NEW YORK — Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. boosted its holdings in Burlington Northern Santa Fe Corp., the second-largest U.S. railroad, to 60.8 million shares.
Berkshire added 7.85 million shares on Oct. 3, exercising options disclosed on Sept. 20, according to a regulatory filing today by the Omaha, Nebraska-based company.
The purchase pushes Berkshire’s stake in Fort Worth, Texas- based Burlington Northern to 17 percent, according to data compiled by Bloomberg. Buffett, 77, said at Berkshire’s annual meeting in May that railroads have an edge over trucks as diesel fuel prices rise.
Burlington Northern rose $4.79, or 5.8 percent, to $86.78 at 4:17 p.m. in New York Stock Exchange composite trading before Berkshire’s filing. Berkshire gained $2,100 to $121,100.
Berkshire spokeswoman Jackie Wilson and Burlington Northern spokesman Pat Hiatte declined to comment.