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Article: $55 MILLION BUYS DELAWARE OTSEGO DEAL SEALS GRIP OF NORFOLK SOUTHERN AND CSX ON ACCESS TO NEW YORK CITY.(BUSINESS)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- August 19, 1997
CopyrightCOPYRIGHT 1997 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. 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 REPORT
A $55 million offer by Norfolk Southern Corp. and CSX Corp. to buy Delaware Otsego Corp. and its New York Susquehanna and Western Railway was accepted, officials said Monday.
As Norfolk Southern and CSX proceed with their plan to divide Conrail, the Delaware Otsego deal helps consolidate the rail giants' grip on access to the New York metropolitan area. It also keeps two big Canadian railroads - Canadian National Railway Co. and CP Rail - from gaining greater access to New York.
Norfolk Southern and CSX are forming a new company for the acquisition. Delaware Otsego's president and chief executive officer, Walter G. ...