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BUSINESS
December 20, 1996 | Times Staff and Wire Reports
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.
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BUSINESS
January 24, 2001
* Norfolk Southern Corp. said it will eliminate as many as 2,000 management and union employees, or 6% of its work force, as the U.S. economy slows. The railroad company also will cut its dividend 70% to 6 cents a share March 10. * * FedEx Corp. said it's extending package pickup times by up to three hours on business days for customers using its express service, effective Feb. 26.
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BUSINESS
November 21, 1996 | From Bloomberg Business News
Railroad operator Norfolk Southern Corp. lost its bid to block Wednesday's close of CSX Corp.'s tender offer for 19.9% of a rival's stock, the first phase of CSX's proposed $8.5-billion acquisition of Conrail Inc. A three-judge panel at the U.S. 3rd Circuit Court of Appeals in Philadelphia rejected Norfolk Southern's emergency injunction request late Wednesday. The court left open the possibility it would consider an expedited appeal by Norfolk Southern and set a deadline of today for arguments.
BUSINESS
December 20, 2000
* Cummins Inc., the world's largest maker of high-power diesel engines, said it expects to report a fourth-quarter loss because of declining North American demand for heavy-duty trucks. The loss will be 35 cents to 45 cents a share, said spokeswoman Dorothy Brown Smith, and doesn't include a pretax charge of about $160 million. The Columbus, Ind.-based company was expected to earn 66 cents a share, the average estimate of eight analysts polled by First Call/Thomson Financial.
BUSINESS
January 23, 1986 | Associated Press
President Reagan, hoping to speed the sale of Conrail in Congress, said Wednesday that a merger of the freight railroad with Norfolk Southern Corp. remained the best guarantee of its long-term financial success. "After nearly 10 years of federal ownership and the provision of subsidies to Conrail, now is the time to get the government out of the railroad business," Reagan said in a letter to Transportation Secretary Elizabeth Hanford Dole.
BUSINESS
September 4, 1987
Harold H. Hall will retire as vice chairman of Norfolk Southern Corp., Norfolk, Va. He will continue to serve as a director.
BUSINESS
October 12, 1999 | From Bloomberg News
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.
BUSINESS
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.
BUSINESS
December 21, 1996 | Times Staff and Wire Reports
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.
BUSINESS
December 20, 1996 | Times Staff and Wire Reports
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.
NEWS
August 22, 1986 | Associated Press
The Norfolk Southern Corp. today dropped its 2-year-old, $1.9-billion offer to buy Conrail, a company spokesman said. Norfolk Southern Chairman Robert B. Claytor advised Transportation Secretary Elizabeth Hanford Dole of his decision to stop trying to buy the government-owned freight line. Dole had selected Norfolk Southern as the preferred buyer in February, 1985, and that selection later was endorsed by the Senate and the Reagan Administration.
BUSINESS
November 21, 1996 | From Bloomberg Business News
Railroad operator Norfolk Southern Corp. lost its bid to block Wednesday's close of CSX Corp.'s tender offer for 19.9% of a rival's stock, the first phase of CSX's proposed $8.5-billion acquisition of Conrail Inc. A three-judge panel at the U.S. 3rd Circuit Court of Appeals in Philadelphia rejected Norfolk Southern's emergency injunction request late Wednesday. The court left open the possibility it would consider an expedited appeal by Norfolk Southern and set a deadline of today for arguments.
BUSINESS
November 19, 1996 | Times Staff and Wire Reports
The fight for Conrail Inc. went to court in Philadelphia with hostile bidder Norfolk Southern Corp. arguing that stockholders will lose if Conrail accepts a buyout plan from CSX Corp. Norfolk Southern has asked a federal judge to block the merger. Conrail has asked the judge to throw out the lawsuit. U.S. District Judge Donald VanArtsdalen gave the three companies two days to argue their cases on two main points: Does the existing merger deal between Conrail and CSX violate federal law?
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