ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Tuesday, March 11, 1997 TAG: 9703110105
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
NS extends its offer to match CSX's
Norfolk Southern Corp. extended its tender offer for shares of Conrail stock Monday so it will run for the same length of time as CSX's current offer.
The NS $115-per-share offer for all shares of Conrail stock now will run until midnight New York City time April 18.
NS said it still expects to negotiate a comprehensive settlement with CSX Corp. to the two railroads' battle for control of Conrail. Conrail is the major railroad serving the Northeast.
By late Friday, NS said, 1,056,000 Conrail shares had been tendered in response to the NS offer.
-STAFF REPORT
T-bill rates drop
The Treasury Department on Monday sold $12.1 billion in three-month bills at an average discount rate of 5.06 percent, down from 5.1 percent last week. An additional $12.1 billion was sold in six-month bills at an average rate of 5.18 percent, down from 5.19 percent.
The rates were the lowest since Feb. 24, when three-month bills sold for 5.01 percent and six-month rates averaged 5.03 percent.
The Federal Reserve said the average yield for one-year Treasury bills, the most popular index for adjustable-rate mortgages, rose to 5.7 percent last week from 5.6 percent.
-ASSOCIATED PRESS
Briefly...
Primavera, which closed its restaurant at Brambleton Commons shopping center in September, has opened at 27 W. Campbell Ave. in downtown Roanoke. The 65-seat Italian restaurant, owned by Tito Vinces, is open for lunch Monday through Friday and dinner Monday through Saturday. The restaurant's bar is to open in a few weeks.
Shoe Show Inc., operating as The Shoe Dept., has opened a store at Valley View Mall in Roanoke, in the former John Norman space on the mall's upper level. Shoe Show, based in Concord, N.C., operates 442 stores.
U.S. coal production fell slightly in the week ended March 1, to 21.2 million tons from 21.3 million tons the week before, the U.S. Department of Energy said Monday. The industry produced 21.4 million tons in the same week last year. Production so far this year is 176 million tons, 3 percent ahead of last year's at this time.
LENGTH: Medium: 51 linesby CNB