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ICC OKs Southern Pacific sale
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The Interstate Commerce Commission voted unanimously Tuesday to
approve the sale of the Southern Pacific RR to Rio Grande Industries,
creating the nation's fifth-largest railroad and giving Chicago-based
Santa Fe Southern Pacific Corp. $1 billion in cash.
The regulators voted 4-0 to approve SFSP's plan to sell the
13,000-mile Southern Pacific to the 2,200-mile Denver & Rio Grande
Western for $1.02 billion in cash and the assumption of about $800
million in debt.
The combine...
Related newspaper, magazine, and journal articles from HighBeam Research
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Santa Fe receives 7 offers up to `well over $1 billion'
Chicago Sun-Times
; Santa Fe Southern Pacific Corp. said Friday that it has received seven offers ranging "from $750 million to well over $1 billion" for Southern Pacific Transportation Co. and will now begin talks to select a buyer. The announcement comes a day after the Railway Labor Executives Association disclosed
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Southern Pacific Employe Group Bids for Railway
The Washington Post
; A coalition of railway unions and the management of Southern Pacific Transportation Corp. yesterday made parallel bids to acquire the railroad's stock for $750 million. The offers by the railway unions and Southern Pacific's management were made separately but with the understanding that management
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ICC derails train merger // Santa Fe, Southern stunned by decision
Chicago Sun-Times
; ... Santa Fe Southern Pacific Chairman John J. Schmidt said at a news conference in Washington, D.C., "We are going to have to sell ... reports. Santa Fe Southern's stock took a drubbing after the news. Shares fell $2.50 to $28 as the most-active stock, trading 3 ...
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Henley Group In Buyout Talks With Santa Fe
The Washington Post
; The Henley Group Inc., a diversified holding company, said yesterday that it is negotiating to acquire Santa Fe Southern Pacific Corp. for about $9.5 billion in cash and securities. Henley began increasing its investment in Santa Fe, which previously had begun a restructuring in hope of avoiding a
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ICC Urged Not to Review Denial of Santa Fe Merger
The Washington Post
; Prolonging deliberations on whether to allow the Santa Fe Railway and the Southern Pacific Transportation Co. to merge could be hazardous to the health of the Southern Pacific, opponents of the merger argued yesterday. "Keeping this proceeding open risks harming Southern Pacific's viability as a
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