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BUSINESS
August 24, 1995 | Times Staff and Wire Reports
ICC Approves Rail Merger: Santa Fe Pacific Corp. and Burlington Northern Inc. said they received Interstate Commerce Commission approval, with certain conditions, for their proposed merger. The merger, valued at about $4 billion, will create the nation's single largest rail carrier, operating more than 35,000 miles of main and secondary track in the United States and Canada. In 1994, the two railroads generated more than $7.5 billion in operating revenues.
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BUSINESS
July 21, 1995 | Times Staff and Wire Reports
ICC Gives Initial OK to Merger: The Interstate Commerce Commission gave a tentative nod to the proposed merger of Burlington Northern Inc. and Santa Fe Pacific Corp. railroads. The ICC approved a staff recommendation to approve the primary merger application. The commission was continuing to discuss more conditions related to the merger.
BUSINESS
January 31, 1995 | Times Staff and Wire Reports
Railroad Merger Wins Backing: Santa Fe Pacific Corp. said it has secured $1.56 billion in financing commitments to back its proposed $4-billion merger with Burlington Northern Inc. The move is the latest by Santa Fe, owner of the Atchison, Topeka & Santa Fe railroad, to fend off a hostile $3.6-billion cash offer from Union Pacific. Schaumburg, Ill.-based Santa Fe has agreed to be acquired by Burlington Northern in a complex cash-stock deal.
BUSINESS
January 16, 1995 | Times Staff and Wire Reports
Union Pacific Faces Decision: The escalating takeover battle for Santa Fe Pacific Corp., the big western-U.S. railroad, could take another twist this week. One of its suitors, Union Pacific Corp., has a tender offer that expires Thursday, and there's pressure on the company to raise its $3.2-billion bid in order to match or exceed a $3.8-billion offer by Burlington Northern Inc. For now, Union Pacific will say only that it is "exploring all options." Both companies are pursuing Schaumburg, Ill.
BUSINESS
November 3, 1994 | From Times Staff and Wire Reports
Santa Fe Rejects Sweetened Bid: Santa Fe Pacific Corp. said it turned down a $3.8-billion offer from Union Pacific Corp. and reiterated its desire to be acquired by Burlington Northern Inc. in a deal valued at $3.1 billion. Despite the higher bid, Santa Fe maintained that a merger with Union Pacific would not be approved by regulators because it would lessen rail competition in the West.
BUSINESS
October 14, 1994 | From Times Staff and Wire Reports
Union Pacific Threatens Proxy Fight: Saying Santa Fe Pacific Corp. shareholders should have an opportunity to consider its $3.25-billion bid for Santa Fe, Bethlehem, Pa.-based Union Pacific Corp. said it will solicit proxies from Santa Fe shareholders to vote against the deal at a special Santa Fe shareholders meeting Nov. 18. The date for the special meeting was disclosed in documents that Schaumberg, Ill.-based Santa Fe and Burlington Northern Inc.
BUSINESS
January 23, 1995 | From Bloomberg Business News
Santa Fe Pacific Corp.'s board of directors rebuffed a $3.6-billion takeover offer from Union Pacific Corp., leaving investors to choose between that bid and one by Burlington Northern Inc. Santa Fe Chairman and Chief Executive Robert Krebs said in a letter to Union Pacific that the railroad holding company's latest bid still failed to match Burlington Northern's friendly offer of $3.8 billion, or $20.40 a share, in cash and stock. Bethlehem, Pa.
BUSINESS
November 1, 1994 | From Reuters
Burlington Northern Inc., under pressure to raise its bid for Santa Fe Pacific Corp. following a higher offer by Union Pacific Corp. over the weekend, will stand pat, a Burlington spokesman said Monday. Burlington Northern has already signed a friendly merger agreement with the owner of the Atchison, Topeka & Santa Fe railroad for $3.2 billion, up from an original $2.8 billion. Its latest offer was topped Sunday by Union Pacific, which said it will pay $3.
BUSINESS
March 30, 1995 | Times Staff and Wire Reports
Union Pacific Buries the Hatchet With Burlington: The thwarted suitor is dropping its opposition to the merger of Burlington Northern Inc. and Santa Fe Pacific Corp. in exchange for the right to use a Santa Fe line. The agreement grants Union Pacific Corp. rights to Santa Fe's line between Abilene, Kan., and Superior, Neb., in order to preserve two-railroad competition at Superior.
BUSINESS
February 8, 1995 | Times Staff and Wire Reports
Shareholders of Burlington Northern Inc. and Santa Fe Pacific Corp. approved a previously reported $3.8-billion merger that would form the nation's largest railroad concern. The deal awaits Interstate Commerce Commission clearance, which could come as early as fall.
BUSINESS
February 1, 1995 | JAMES F. PELTZ, TIMES STAFF WRITER
Union Pacific Corp., ending a seven-month railroad bidding war, Tuesday scrapped its hostile $3.8-billion effort to buy Santa Fe Pacific Corp. The move clears the way for Burlington Northern Inc. to buy Santa Fe for $4 billion in cash and stock. The merger would make Ft. Worth-based Burlington the largest U.S. railroad both in terms of track mileage (33,000) and annual revenue from its rail operations ($7 billion). Moreover, Santa Fe--the Schaumburg, Ill.
BUSINESS
January 25, 1995 | From Associated Press
Santa Fe Pacific Corp. and Burlington Northern Inc. said Tuesday that they have revised their $3.8-billion merger agreement in an effort to fend off a hostile bid from another railroad company, Union Pacific Corp. Under the revision, Santa Fe could repurchase 10 million additional shares of its own stock--under certain conditions and after final approval of the merger but before its completion.
BUSINESS
January 23, 1995 | From Bloomberg Business News
Santa Fe Pacific Corp.'s board of directors rebuffed a $3.6-billion takeover offer from Union Pacific Corp., leaving investors to choose between that bid and one by Burlington Northern Inc. Santa Fe Chairman and Chief Executive Robert Krebs said in a letter to Union Pacific that the railroad holding company's latest bid still failed to match Burlington Northern's friendly offer of $3.8 billion, or $20.40 a share, in cash and stock. Bethlehem, Pa.
BUSINESS
January 18, 1995 | From Reuters
Union Pacific Corp., trying to derail a rival suitor, said Tuesday it raised its bid for Santa Fe Pacific Corp. by about $300 million to $3.6 billion and offered cash for all the railroad company's shares. Locked in a battle for Santa Fe with Burlington Northern Inc., Bethlehem, Pa.-based Union Pacific said it wants to acquire 100% of Santa Fe's stock for $18.50 a share in a deal worth $3.6 billion. Previously, Union Pacific had offered $17.50, or $3.3 billion, in cash and stock.
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