Word: conrail
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Dates: during 1990-1999
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Rowe has had a lot of practice breaking ground. "I spent my childhood on a Wisconsin farm with Depression-era parents who taught me to fear disaster," he recalls. He studied law at the University of Wisconsin and in the early 1980s helped engineer Conrail's financial turnaround. In the mid-1980s, as president of Central Maine Power, he steered the divestiture of the controversial Seabrook nuclear plant. Rowe compares himself to the pilot of Mark Twain's Life on the Mississippi, "navigating shifting waters" where "the shore is never quite the same...
...SURPRISING, UGLY FIGHT FOR CONRAIL...
...nasty fight over a railroad? Not since the robber barons has the ownership of a set of tracks been so contested. The target: Conrail, the once tattered collection of government-owned freight lines that was created in 1976 and went public in 1987. CSX Corp. agreed to buy Conrail last month for more than $8 billion in cash and stock. Rival Norfolk Southern swiftly countered with a massive all-cash bid for Conrail of $10 billion, or $110 a share...
That's when the fight started. Despite Norfolk's munificence, Philadelphia-based Conrail is using Pennsylvania's antitakeover laws to reject the bid. Conrail says the CSX offer will be better in the long haul...
Wall Street isn't getting off at that station. "CSX and CRR, with the complicity of the Pennsylvania legislature, have effectively stacked the deck against an economically superior Norfolk Southern offer for Conrail," contends Donaldson, Lufkin & Jenrette analyst James M. Higgins. The contestants are headed for court...