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Article: NORFOLK SOUTHERN, CSX DIVIDE CONRAIL'S OPERATIONS.(BUSINESS)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- April 10, 1997
CopyrightCOPYRIGHT 1997 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Staff and wire reports
RICHMOND -- Norfolk Southern Corp. and CSX Corp. have carved up Conrail, with Norfolk Southern claiming the largest share of the big Northeast railroad.
CSX takes control of most railroad operations in the Capital Region as a result of the deal. Included in its cut will be rail lines heading west to Buffalo, east to New England and south to New Jersey, and the railyards at Selkirk.
Norfolk Southern and CSX said they will acquire Conrail's assets for $115 a share. Norfolk Southern will pay $5.9 billion for 58 percent and CSX will pay $4.3 billion for 42 percent.
Norfolk Southern expects its cost savings ...