business

7/22/25

BNSF is reportedly also eyeing a major railroad merger, but Buffett throws some cold water

The rails are alive with the sound of consolidation.

Semafor on Tuesday reported that Berkshire Hathaway-owned railroad giant BNSF is working with Goldman Sachs to explore a potential megamerger with a rival like Norfolk Southern or CSX.

Speaking to CNBC Tuesday, Berkshire CEO Warren Buffett poured some cold water on the reports, or at least the part where Berkshire was working with an intermediary like Goldman on the deal. He told CNBC that nobody from Goldman had spoken with him or Berkshire CEO in waiting Greg Abel, and added that he wouldn’t seek advice from external bankers on deals.

The news comes just five days after reports that Union Pacific is looking into purchasing Norfolk Southern.

Shares of CSX were up 1.5% in morning trading; Norfolk Southern was up 0.7%.

Railroads are facing pressure as tariffs drag on traffic. Meanwhile, safety scrutiny stemming from Norfolk’s toxic and costly derailment in Ohio in 2023 still lingers.

Berkshire-owned BNSF taps bankers for its own rail acquisition

Berkshire-owned BNSF taps bankers for its own rail acquisition

Speaking to CNBC Tuesday, Berkshire CEO Warren Buffett poured some cold water on the reports, or at least the part where Berkshire was working with an intermediary like Goldman on the deal. He told CNBC that nobody from Goldman had spoken with him or Berkshire CEO in waiting Greg Abel, and added that he wouldn’t seek advice from external bankers on deals.

The news comes just five days after reports that Union Pacific is looking into purchasing Norfolk Southern.

Shares of CSX were up 1.5% in morning trading; Norfolk Southern was up 0.7%.

Railroads are facing pressure as tariffs drag on traffic. Meanwhile, safety scrutiny stemming from Norfolk’s toxic and costly derailment in Ohio in 2023 still lingers.

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Volkswagen is reportedly closing in on its own, separate tariff deal with the US

In a bid to get its own tariff rate below the 15% applied to most EU exports, Volkswagen is dangling big US investments.

Speaking at a trade show Monday, VW CEO Oliver Blume said the automaker is in advanced talks on a deal to limit its own tariff burden. Volkswagen reported a tariff cost of $1.5 billion in the first half of the year.

Speaking to Bloomberg TV, Blume said the company is in close contact with the Trump administration and has had “good talks” about its separate deal. The current 15% tariff rate on EU vehicles would still “be a burden for Volkswagen,” Blume said.

A company reaching a tariff deal separate from its home country isn’t typical, though there’s already precedent this year, with Apple’s $100 billion US investment deal amid chip tariffs and President Trump’s threats to add a levy to smartphones. Nvidia and AMD similarly struck a deal to receive the ability to sell chips in China and in exchange agreed to give the US 15% of the revenue from those sales.

15% Tariff Would Be ‘A Burden’ on Volkswagen, CEO Says

15% Tariff Would Be ‘A Burden’ on Volkswagen, CEO Says

Speaking to Bloomberg TV, Blume said the company is in close contact with the Trump administration and has had “good talks” about its separate deal. The current 15% tariff rate on EU vehicles would still “be a burden for Volkswagen,” Blume said.

A company reaching a tariff deal separate from its home country isn’t typical, though there’s already precedent this year, with Apple’s $100 billion US investment deal amid chip tariffs and President Trump’s threats to add a levy to smartphones. Nvidia and AMD similarly struck a deal to receive the ability to sell chips in China and in exchange agreed to give the US 15% of the revenue from those sales.

Lululemon sales are being squeezed — but it’s hoping sports sponsorships will save its skin

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