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Article: CSX, Norfolk Southern Agree On Division Of Conrail; Joint Acquisition And Joint STB Application Also Set
- Article from:
- PR Newswire
- Article date:
- April 8, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. 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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RICHMOND and NORFOLK, Va., April 8 /PRNewswire/ -- CSX Corporation (NYSE: CSX) and Norfolk Southern Corporation (NYSE: NSC) today announced that they have reached agreement on a division of the routes and assets of Conrail Inc.
The two companies said they will form a jointly owned entity to acquire all outstanding shares of Conrail for $115 in cash per share. Norfolk Southern will contribute $5.9 billion for its 58 percent share of the acquisition and CSX will contribute $4.3 billion for its 42 percent share. The totals include amounts previously spent by Norfolk Southern and CSX to acquire Conrail shares.
The companies also said they will file a ...