1155 ET - Berkshire Hathaway's BNSF Railway won't buy CSX, Chairman Warren Buffet said yesterday, ending long-standing speculation that the rail companies would merge. But that doesn't mean the merger saga in the railroad industry is over, say Raymond James analysts Patrick Tyler Brown and David Hicks. CSX and BNSF could still further deepen their commercial partnership, while both companies will have to decide whether to formally oppose the proposed deal between Union Pacific and Norfolk Southern, which could have big implications for the fate of the deal. "We believe plenty of 'M&A theater' is still left to play out in the months ahead," Brown and Hicks say. (nicholas.miller@wsj.com)

(END) Dow Jones Newswires

August 26, 2025 11:55 ET (15:55 GMT)

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