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Gates owns $3.2B stake in CN Rail

Microsoft co-founder Bill Gates has become the largest shareholder of Canadian National Railway, with a $3.2-billion stake in Canada’s largest rail company.

MONTREAL — Microsoft co-founder Bill Gates has become the largest shareholder of Canadian National Railway, with a $3.2-billion stake in Canada’s largest rail company. Montreal-based CN (TSX:CNR) says the world’s second-wealthiest man owned or exercised control over 10.04 per cent of its shares as of Feb. 25. Gates has been buying up the railway’s stock since being identified as a shareholder in 2006. He holds the 46.07 million shares through Cascade Investment and as co-trustee of the Bill & Melinda Gates Foundation Trust, CN said in a proxy circular ahead of Wednesday’s annual meeting in Toronto.

The value of Gates’ shares are based on Monday’s trading price of $69.97, up nine cents in afternoon trading on the Toronto Stock Exchange. CN’s market capitalization for its 458.6 million shares was $32 billion.

Gates friend Warren Buffett, through his holding company Berkshire Hathaway Inc., acquired full control of U.S. rail company Burlington Northern Santa Fe Corp. early last year.