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By KNIGHT-RIDDER NEWS SERVICE | March 14, 1997
PHILADELPHIA -- Conrail managers who lose their jobs when the Philadelphia-based railroad is carved up next year will receive up to two years of severance pay, plus enhanced pension and stock benefits worth tens of thousands of dollars.In a memo sent to employees this week, Conrail provided the first indication of how the railroad's demise will affect as many as 3,000 white-collar and management workers, more than 1,000 of whom work in or near Philadelphia.The fate of Conrail's 18,000 unionized workers is still uncertain.
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NEWS
By Donna R. Engle and Donna R. Engle,SUN STAFF | August 2, 1998
The division of Conrail routes between CSX and Norfolk Southern may help a small, Carroll County-based railroad that has had its nose pressed to the window, watching the giants split the spoils.Federal rail regulators have approved a plan to divide Conrail Corp.'s routes between CSX Corp. and Norfolk Southern Corp., ending 22 years of a federally created rail monopoly in the Northeast and leaving the East with two major railroads.The Surface Transportation Board's approval of the division of Conrail lines may indirectly help Paul D. Denton, president of Maryland Midland Railway Co., in his quest for access to lucrative rail interchanges in Baltimore and Hagerstown.
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NEWS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | March 4, 1997
CSX and Norfolk Southern Corp. are close to a deal that would end their four-month high-stakes battle and split Conrail's 11,000 miles of tracks.The latest arrangement calls for CSX to pay another $1 billion, or $10.5 billion total in cash, for Conrail, matching Norfolk Southern's hostile bid. Sources said that CSX, after acquiring Conrail, would sell about half of Conrail's lines in the Northeast to Norfolk Southern.Top executives of the three railroads have been meeting secretly for nearly six weeks to resolve the bidding.
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | October 3, 1997
Culminating nearly a year of negotiations that one top state official said had "soap opera-like qualities," Maryland gave its blessing yesterday to CSX and Norfolk Southern's $10.2 billion plan to take over Conrail.During a ceremony at Dundalk Marine Terminal attended by several hundred people, Gov. Parris N. Glendening praised the deal, saying it assures continued commuter rail service, infrastructure improvements, more jobs in Western Maryland and, perhaps most importantly, competition between two Class I railroads.
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | June 24, 1997
CSX Corp. and Norfolk Southern said yesterday that their plan for divvying up Conrail's 11,000 miles of track will boost the companies' bottom lines significantly more than originally estimated.But the consolidation -- detailed in an eight-volume, 14,810- page document filed with the federal Surface Transportation Board -- also will result in the loss of nearly 2,100 jobs, almost entirely in Pennsylvania, where Conrail operates its headquarters and a large customer service center.The plan appears to have little negative impact in Maryland, with Norfolk Southern taking over the rail lines previously operated by Conrail.
NEWS
May 11, 1997
BALTIMORE'S PORT could benefit handsomely from the accord worked out between CSX Corp. and Norfolk Southern Corp. to split up Conrail, the dominant railroad in the Northeast. Not only does Baltimore get a second Class I carrier (Norfolk Southern) with a reputation for aggressive pursuit of new business, but the city will see the two remaining East Coast rail behemoths compete head-to-head for port cargo.Both CSX and Norfolk Southern are paying top dollar for their respective shares of Conrail: For $4.3 billion, CSX will gain most of the former New York Central lines in the Northeast and Midwest; Norfolk Southern will pay $5.9 billion to take over the old Pennsylvania Railroad lines, including tracks in Maryland.
NEWS
By Donna R. Engle and Donna R. Engle,SUN STAFF | March 5, 1997
With railroad giants CSX and Norfolk Southern Corp. apparently poised to end their battle to take over Conrail, the Maryland Midland Railway Co. hopes to pick up some of the spoils.At stake for the Union Bridge-based rail company is 17 miles of track between Highfield and Hagerstown in Washington County and the right to use 25 miles of track between Glyndon and Baltimore -- CSX lines that Maryland Midland President Paul D. Denton has coveted for years.Maryland Midland hauls freight on 65 miles of track between Glyndon and Highfield.
NEWS
By Donna R. Engle and Donna R. Engle,SUN STAFF | August 2, 1998
The division of Conrail routes between CSX and Norfolk Southern may help a small, Carroll County-based railroad that has had its nose pressed to the window, watching the giants split the spoils.Federal rail regulators have approved a plan to divide Conrail Corp.'s routes between CSX Corp. and Norfolk Southern Corp., ending 22 years of a federally created rail monopoly in the Northeast and leaving the East with two major railroads.The Surface Transportation Board's approval of the division of Conrail lines may indirectly help Paul D. Denton, president of Maryland Midland Railway Co., in his quest for access to lucrative rail interchanges in Baltimore and Hagerstown.
NEWS
January 21, 1997
CHALK UP a crucial victory for Norfolk Southern in its fight with CSX over East Coast rail dominance. On Friday, stockholders of Conrail rejected a recommended merger with CSX, a vote that showed strong enthusiasm for an alternative, higher offer from Norfolk Southern.The rejection indicated near-unanimous hostility by institutional investors to the CSX-Conrail merger plan. They were especially infuriated by the arrogance of the two companies' leaders, who made it clear that they would continue to try to ram this deal through, although Norfolk Southern is offering a far better financial package.
NEWS
July 3, 1997
AS THE U.S. Surface Transportation Board wades through the 15,000-page, 79-pound application of CSX and Norfolk Southern to take over Conrail, one point is abundantly clear: This business deal provides enormous benefits to Maryland communities.Of primary importance is the entry of a second rail giant into the state that should give CSX a run for its business. Such intense competition can only aid Maryland companies that ship by rail, which should see lower rates, more reliable service to far more destinations and shorter transit times.
NEWS
July 3, 1997
AS THE U.S. Surface Transportation Board wades through the 15,000-page, 79-pound application of CSX and Norfolk Southern to take over Conrail, one point is abundantly clear: This business deal provides enormous benefits to Maryland communities.Of primary importance is the entry of a second rail giant into the state that should give CSX a run for its business. Such intense competition can only aid Maryland companies that ship by rail, which should see lower rates, more reliable service to far more destinations and shorter transit times.
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | June 24, 1997
CSX Corp. and Norfolk Southern said yesterday that their plan for divvying up Conrail's 11,000 miles of track will boost the companies' bottom lines significantly more than originally estimated.But the consolidation -- detailed in an eight-volume, 14,810- page document filed with the federal Surface Transportation Board -- also will result in the loss of nearly 2,100 jobs, almost entirely in Pennsylvania, where Conrail operates its headquarters and a large customer service center.The plan appears to have little negative impact in Maryland, with Norfolk Southern taking over the rail lines previously operated by Conrail.
NEWS
May 11, 1997
BALTIMORE'S PORT could benefit handsomely from the accord worked out between CSX Corp. and Norfolk Southern Corp. to split up Conrail, the dominant railroad in the Northeast. Not only does Baltimore get a second Class I carrier (Norfolk Southern) with a reputation for aggressive pursuit of new business, but the city will see the two remaining East Coast rail behemoths compete head-to-head for port cargo.Both CSX and Norfolk Southern are paying top dollar for their respective shares of Conrail: For $4.3 billion, CSX will gain most of the former New York Central lines in the Northeast and Midwest; Norfolk Southern will pay $5.9 billion to take over the old Pennsylvania Railroad lines, including tracks in Maryland.
BUSINESS
By KNIGHT-RIDDER NEWS SERVICE | March 14, 1997
PHILADELPHIA -- Conrail managers who lose their jobs when the Philadelphia-based railroad is carved up next year will receive up to two years of severance pay, plus enhanced pension and stock benefits worth tens of thousands of dollars.In a memo sent to employees this week, Conrail provided the first indication of how the railroad's demise will affect as many as 3,000 white-collar and management workers, more than 1,000 of whom work in or near Philadelphia.The fate of Conrail's 18,000 unionized workers is still uncertain.
NEWS
By Donna R. Engle and Donna R. Engle,SUN STAFF | March 5, 1997
With railroad giants CSX and Norfolk Southern Corp. apparently poised to end their battle to take over Conrail, the Maryland Midland Railway Co. hopes to pick up some of the spoils.At stake for the Union Bridge-based rail company is 17 miles of track between Highfield and Hagerstown in Washington County and the right to use 25 miles of track between Glyndon and Baltimore -- CSX lines that Maryland Midland President Paul D. Denton has coveted for years.Maryland Midland hauls freight on 65 miles of track between Glyndon and Highfield.
NEWS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | March 4, 1997
CSX and Norfolk Southern Corp. are close to a deal that would end their four-month high-stakes battle and split Conrail's 11,000 miles of tracks.The latest arrangement calls for CSX to pay another $1 billion, or $10.5 billion total in cash, for Conrail, matching Norfolk Southern's hostile bid. Sources said that CSX, after acquiring Conrail, would sell about half of Conrail's lines in the Northeast to Norfolk Southern.Top executives of the three railroads have been meeting secretly for nearly six weeks to resolve the bidding.
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | January 19, 1997
Much the way the dredging issue dominated the port of Baltimore last year, the battle between CSX and Norfolk Southern over Conrail has taken center stage this year as port officials struggle to attract new cargo."
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF Bloomberg Business News contributed to this article | November 20, 1996
WASHINGTON -- The politically charged battle to acquire Conrail Inc. moved here yesterday, with a Maryland congressman complaining that CSX Corp.'s deal would seriously jeopardize competition in the state.In the first congressional hearing on the Conrail battle, Democratic Rep. Elijah E. Cummings of Baltimore said proposals by both CSX and Norfolk Southern Corp. to take over Conrail had serious implications for Maryland's economy, work force and passenger rail service.But the likely impact of a CSX-Conrail merger in Maryland appears much clearer because both systems now serve the state; in contrast, Norfolk Southern offers little rail service here.
NEWS
January 21, 1997
CHALK UP a crucial victory for Norfolk Southern in its fight with CSX over East Coast rail dominance. On Friday, stockholders of Conrail rejected a recommended merger with CSX, a vote that showed strong enthusiasm for an alternative, higher offer from Norfolk Southern.The rejection indicated near-unanimous hostility by institutional investors to the CSX-Conrail merger plan. They were especially infuriated by the arrogance of the two companies' leaders, who made it clear that they would continue to try to ram this deal through, although Norfolk Southern is offering a far better financial package.
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | January 19, 1997
Much the way the dredging issue dominated the port of Baltimore last year, the battle between CSX and Norfolk Southern over Conrail has taken center stage this year as port officials struggle to attract new cargo."
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