Berkshire Hathaway to buy Burlington Northern

In a statement, Buffett said railroads are key for the United States' future growth, and will only grow when the nation grows.

"...(I)t's an all-in wager on the economic future of the United States," Buffett said. "I love these bets."

Berkshire Hathaway would pay $100 a share for the railroad in cash and stock for the 77.4 percent of its shares that it does not already own. The deal values Burlington Northern at $34 billion.

(Reporting by Helen Chernikoff, editing by Gerald E. McCormick)