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BUSINESS
February 9, 1995 | Times Staff and Wire Reports
Railroad Chief to Reduce Role: Southern Pacific Rail Corp. said it began a search to replace Chief Executive Edward L. Moyers, who is paring his activities on the advice of his doctors because of high blood pressure. Moyers, 66, is credited with leading the San Francisco-based railroad to a dramatic rebound last year, when it earned $242 million, contrasted with a $149-million loss the prior year. Southern Pacific said it could be some months before Moyers' successor is found.
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BUSINESS
July 8, 2000 | Bloomberg News
Union Pacific Corp. will pay $34 million to settle a 1997 shareholder suit charging that the railroad failed to disclose problems stemming from its merger with Southern Pacific Rail Corp., according to a federal filing. The suit, filed in U.S. District Court in Dallas, claimed the railroad made false and misleading statements about the merger, in particular about the safety of its rail network, while touting the potential cost savings. The $5.
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BUSINESS
June 8, 1996 | Times Staff and Wire Reports
Union Pacific Rejects Conrail Bid: Union Pacific Corp. of Bethlehem, Pa., rejected Philadelphia-based Conrail Inc.'s most recent $1.9-billion offer to acquire big pieces of San Francisco-based Southern Pacific Rail Corp.'s rail system. Union Pacific's reply signals that the railroad sees no need to parcel out pieces to allay any regulatory objections to its $5.4-billion acquisition of Southern Pacific.
BUSINESS
August 10, 1996 | Times Staff and Wire Reports
Rail Merger Expected to Gain Final OK: Union Pacific Corp.'s proposed $5.4-billion acquisition of Southern Pacific Corp. is expected to get final written approval from federal regulators Monday. The decision, expected to be released by the Surface Transportation Board, would clear the way for the creation of the largest railroad in North America. The written consent is a formality in the approval process.
BUSINESS
July 8, 2000 | Bloomberg News
Union Pacific Corp. will pay $34 million to settle a 1997 shareholder suit charging that the railroad failed to disclose problems stemming from its merger with Southern Pacific Rail Corp., according to a federal filing. The suit, filed in U.S. District Court in Dallas, claimed the railroad made false and misleading statements about the merger, in particular about the safety of its rail network, while touting the potential cost savings. The $5.
BUSINESS
April 13, 1996 | JAMES F. PELTZ, TIMES STAFF WRITER
The Justice Department on Friday criticized Union Pacific Corp.'s proposed $4-billion purchase of Southern Pacific Rail Corp. on grounds it would lessen competition, notably in California and other Western states. In taking its "preliminary position" on the deal, the agency said the merger "raises significant competitive problems in a large number of markets," reducing the number of major railroads in some places to fewer than three. In California, Burlington Northern Santa Fe Corp.
BUSINESS
June 4, 1996 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The Justice, Transportation and Agriculture departments on Monday announced their strong opposition to the proposed merger of Southern Pacific Rail Corp. and Union Pacific Corp., a combination that would create the nation's largest railroad line. The Justice Department said formation of the behemoth with 35,000 miles of track should be denied "in the interest of preserving competition in the rail freight industry and for the good of the American consumer."
BUSINESS
August 5, 1995 | JESUS SANCHEZ, TIMES STAFF WRITER
Raising the possibility of major employee layoffs in California, Union Pacific Corp. said Friday that its planned acquisition of Southern Pacific Rail Corp. will result in an estimated $500 million in annual savings through job reductions and cost cutting. Union Pacific Corp. executives, however, provided few details on where the cuts would be made.
BUSINESS
June 8, 1996 | Times Staff and Wire Reports
Union Pacific Rejects Conrail Bid: Union Pacific Corp. of Bethlehem, Pa., rejected Philadelphia-based Conrail Inc.'s most recent $1.9-billion offer to acquire big pieces of San Francisco-based Southern Pacific Rail Corp.'s rail system. Union Pacific's reply signals that the railroad sees no need to parcel out pieces to allay any regulatory objections to its $5.4-billion acquisition of Southern Pacific.
BUSINESS
June 4, 1996 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The Justice, Transportation and Agriculture departments on Monday announced their strong opposition to the proposed merger of Southern Pacific Rail Corp. and Union Pacific Corp., a combination that would create the nation's largest railroad line. The Justice Department said formation of the behemoth with 35,000 miles of track should be denied "in the interest of preserving competition in the rail freight industry and for the good of the American consumer."
BUSINESS
April 13, 1996 | JAMES F. PELTZ, TIMES STAFF WRITER
The Justice Department on Friday criticized Union Pacific Corp.'s proposed $4-billion purchase of Southern Pacific Rail Corp. on grounds it would lessen competition, notably in California and other Western states. In taking its "preliminary position" on the deal, the agency said the merger "raises significant competitive problems in a large number of markets," reducing the number of major railroads in some places to fewer than three. In California, Burlington Northern Santa Fe Corp.
BUSINESS
December 1, 1995 | From Times Staff and Wire Reports
Union Pacific Corp. said Thursday that its proposed $3.9-billion purchase of Southern Pacific Rail Corp. would eliminate 1,940 jobs in California, mostly administrative and management posts in Southern Pacific's home city of San Francisco. Indeed, Southern Pacific's historic headquarters building in San Francisco would be closed after the railroads merged, according to a filing Union Pacific made with the Interstate Commerce Commission, which must approve the deal.
BUSINESS
August 5, 1995 | JESUS SANCHEZ, TIMES STAFF WRITER
Raising the possibility of major employee layoffs in California, Union Pacific Corp. said Friday that its planned acquisition of Southern Pacific Rail Corp. will result in an estimated $500 million in annual savings through job reductions and cost cutting. Union Pacific Corp. executives, however, provided few details on where the cuts would be made.
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