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Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2025.
CNBC
Warren Buffett is not in the market to buy another railroad but he did meet with the CEO of CSX and discuss greater cooperation, he told CNBC’s Becky Quick on Monday.
Berkshire Hathaway Chairman Buffett and CEO designate Greg Abel met with CSX CEO Joseph Hinrichs in Omaha on Aug. 3 in his office alone without any advisors present. They made clear to Hinrichs that they would not make a bid for CSX, but believed they could cooperate more and gain some of the same benefits that would come from combining the two companies.
CSX shares fell more than 5% on the news. Buffett’s comments come after Berkshire Hathaway’s BNSF and CSX announced a partnership to provide new coast-to-coast rail services on Friday.
The partnership is a way to move freight across the country without any slowdowns or needing to transfer to another train line, Buffett told CNBC’s Quick.
The normally staid railroad sector was shaken up last month when Union Pacific announced plans to buy Norfolk Southern for $85 billion, which set off speculation that Berkshire, owner of BNSF Railway, could join the takeover fray. CSX shares jumped 9% in July on the speculation.
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