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Article: Norfolk Southern Tops CSX's Bid for Conrail; $9.1 Billion Offer Is Likely to Start a Messy Battle
- Article from:
- The Washington Post
- Article date:
- October 24, 1996
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Norfolk Southern Corp. today challenged CSX Corp. for the
purchase of the Northeastern railroad Conrail Inc., opening a
multibillion-dollar bidding war for the profitable freight carrier.
Norfolk Southern Chairman David Goode announced a $100-a-share
cash offer for Conrail -- a total of $9.1 billion -- trumping CSX's
offer last week of $92.50 a share in cash and CSX stock.
Norfolk Southern of Norfolk and CSX of Richmond want to use
Conrail to form a strong freight link between North and South,
partly with an eye to capturing shipments moving on Interstates 95,
85 and 81 through the Washington region.
East-West rail freight traffic has grown rapidly because of
the use of truck ...