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Article: NORFOLK SOUTHERN APPEAL DENIED IF SHAREHOLDERS OK CSX DEAL, NORFOLK SOUTHERN NEXT COULD TAKE ITS FIGHT TO FEDERAL REGULATORS.(BUSINESS)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- November 21, 1996
- Author:
CopyrightCOPYRIGHT 1996 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: CHRISTOPHER DINSMORE, STAFF WRITER
With its legal setback confirmed by an appeals court Wednesday, Norfolk Southern must take its bid to steal Conrail Inc. away from CSX Corp. to Conrail shareholders.
The federal appeals court's decision cleared the way for CSX to begin buying up to 20 percent of Conrail's stock today. Owning the stock will give CSX the upper hand in an upcoming Conrail shareholder vote on the merger.
Norfolk Southern had hoped the 3rd U.S. Circuit Court of Appeals in Philadelphia would block the sale of Conrail stock to CSX.
Norfolk Southern's best hopes to win Conrail now lie with the railroad's shareholders. ...