Special Berkshire meeting set for vote on 50-for-1 split of B-shares

Berkshire shareholders to vote on B-share split

OMAHA, Nebraska — Billionaire Warren Buffett says splitting Berkshire Hathaway Inc.’s Class B shares will greatly enlarge his company’s shareholder base, but he doesn’t expect it to change the character of the company.

Berkshire shareholders are meeting Wednesday morning in Omaha to vote on the 50-for-1 split, which was announced as part of Berkshire’s plan to buy Burlington Northern Santa Fe Corp.

Before opening the meeting, Buffett set up a cardboard cutout of Berkshire’s vice chairman Charlie Munger in a seat next to him. Buffett didn’t explain Munger’s absence.

The two men regularly lead Berkshire’s annual meeting each May before a crowd of more than 30,000 shareholders.

The special meeting on splitting the Class B shares attracted about 100 people Wednesday.

On the Net:

Berkshire Hathaway Inc.: www.berkshirehathaway.com

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

OMAHA, Nebraska (AP) — Berkshire Hathaway’s shareholders are set to vote on splitting the company’s Class B shares in a move tied to billionaire Warren Buffett’s plan to buy Burlington Northern Santa Fe Corp.

The Buffett-led company has booked a concert hall for Wednesday’s special meeting on the 50-for-1 stock split.

The stock maneuver will enable Berkshire to offer even small BNSF shareholders Berkshire stock as part of its $26.3 billion cash and stock deal. BNSF is the U.S.’s second-largest railroad.

Buffett is expected to answer shareholder questions about the stock split, which will make Berkshire’s Class B stock much more affordable at roughly $67 per share. But the Class A shares, which remain the most expensive U.S. stock at over $100,000, won’t be split.

On the Net:

Berkshire Hathaway Inc.: www.berkshirehathaway.com