FORT WORTH (Dallas Morning News, CNNMoney.com) – Warren Buffett today announced his firm's plan to purchase the remaining shares in Burlington Northern Santa Fe (BNSF), which has one of the largest freight railroad networks in North America.

Buffet's holding company, Berkshire Hathaway Inc., already has a major stake in the Fort Worth–based company. It owns almost 23 percent and plans to pay $26 billion for the remaining 77 percent in a cash-and-stock offer worth $100 per share.

Berkshire will assume $10 billion in debt from BNSF.

The purchase will require shareholder approval and will have to undergo regulatory review by the Justice Department.

Also see complete RECON issue for 11/3/2009.