October 12, 1999 |
Norfolk, Va.--Norfolk Southern Corp., the No. 4 U.S. railroad, formed a unit to lease its telecommunications system to phone, Internet and cable television providers and may eventually enter the business itself. The railroad's new Thoroughbred Technology and Telecommunications Inc.
July 24, 1998
* Rail regulators gave final approval to a $10-billion plan to carve up Conrail routes and end 22 years of a congressionally created rail monopoly in the Northeast. The Surface Transportation Board's 424-page decision was a formality, as the agency verbally approved the deal last month. But the official decision clears the way for dissatisfied individuals and groups to file federal lawsuits or ask the board to reconsider. Barring a successful challenge, CSX Corp. and Norfolk Southern Corp.
December 21, 1996 |
Conrail Inc. said its board of directors rejected Norfolk Southern Corp.'s sweetened bid of $10.32 billion, or $115 share in cash, as expected. The Norfolk, Va.-based railroad raised its hostile takeover offer for Conrail from $110 share after the markets closed Thursday. Conrail has said it prefers CSX Corp.'s friendly bid. CSX raised the stock portion of its offer by $16 a share to $100. The company has already bought 19.9% of Conrail shares at $110 a share.
December 20, 1996 |
Norfolk Southern Corp. raised its hostile all-cash bid for Conrail Inc. to $10.5 billion, widening the gap from a smaller offer by CSX Corp. Earlier, CSX added $870 million to its cash-and-stock bid for Conrail. CSX, with its $9.35-billion offer, had been looking to dissuade shareholders from siding with what was then a $10-billion Norfolk Southern offer. Conrail said the firm would not comment on Norfolk, Va.-based Norfolk Southern's action.