Word: conrail
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...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...
PHILADELPHIA: CSX Corp. agreed to buy Conrail in a $8.4 billion deal that would form the nation's third-largest freight company. The new company will control some 29,645 miles of track serving most of the eastern U.S. The deal was cut as part of a push by CSX to stay competitive with rivals Burlington Northern and Union Pacific, both of which merged with rail systems in the past two years. Burlington Northern bought Santa Fe in 1995, while Union Pacific merged with Southern Pacific earlier this year. Each control over 30,000 miles of track. The news pushed...
...share, the offer was fully $32 a share more than Cyanamid's recent trading price, which made its shareholders the envy of Wall Street. Moreover, the staggering bid arrived while investors were still humming with reports that the Norfolk Southern railroad was in talks to acquire Conrail, once a sickly ward of the government but now a healthy freight hauler, in a deal that would create the second largest U.S. rail carrier...
RAILROADS. The U.S. had some 30 large railroads during the 1960s, but today the number has dwindled to a dozen. It is likely to shrink further if Conrail and Norfolk Southern go ahead with a deal and Burlington Northern completes its $2.4 billion acquisition of Santa Fe Pacific. That deal, announced last month, would create the largest U.S. railroad. The force behind such consolidations is the growing strength of a railroad industry that for years watched truckers drive off with its business. The railroads have cut their payrolls nearly one-quarter since 1987, which helped lower costs and reduce freight...