Warren Buffett on Tuesday knocked down reports that Berkshire Hathaway-owned railroad BNSF was working with Goldman Sachs on a takeover of a rival.
The 94-year-old billionaire investor told CNBC’s Becky Quick that no one from Goldman had talked to him or Greg Abel, who is set to succeed Buffett as Berkshire CEO at the end of the year.
Buffett added that he would not seek advice from external bankers on deals. The “Oracle of Omaha” has long voiced disdain for expensive intermediaries as banks usually have a big incentive to make deals.
On Monday, Semafor and Reuters reported, citing anonymous sources, that Berkshire tapped Goldman to work on a potential takeover after rival Union Pacific expressed interest in Norfolk Southern.
In 2011, Berkshire bought BNSF, one of the largest freight railroad networks in North America, paying $26.5 billion for the 77% of the company it didn’t previously own.
