Berkshire Hathaway acquired BNSF in 2010 in a deal valued at $26.5 billion to scoop up 77.4% of the railroad company.

Warren Buffett on Tuesday dismissed reports that Berkshire Hathaway-owned (BRK) BNSF had teamed up with Goldman Sachs Group Inc. (GS) for the acquisition of a rival company.

Buffett made the clarification to CNBC on Tuesday.

He stated that no one from Goldman Sachs had spoken to him or his successor, Greg Abel, regarding this matter. He also added that he would not seek advice from external bankers on deals.

Berkshire acquired BNSF in 2010 in a deal valued at $26.5 billion, acquiring 77.4% of the railroad company – it already owned a 22.6% stake before the deal.

BNSF operates in 28 states in the U.S., apart from three Canadian provinces. It has a total of 32,500 route miles and employs over 36,000 people.

Meanwhile, Berkshire’s shares were up nearly 2% in Tuesday morning trade. Stocktwits data shows the retail sentiment around the stock was in the ‘bullish’ territory.

This comes after media reports on Monday stated that BNSF hired Goldman Sachs as Union Pacific Corp. (UNP) is exploring the acquisition of Norfolk Southern (NSC).

If the Union Pacific-Norfolk Southern deal goes through, it could create a $200 billion coast-to-coast rail network in the U.S.

Union Pacific is the largest freight railroad operator in the U.S. A previous Reuters report suggested that the talks are still in early stages, and a detailed regulatory review would follow in case the two companies decide to go through with it.

CSX Corp. (CSX), another railroad operator, has also reportedly brought on financial advisors to advise it on the possibilities of acquiring a rival.

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