THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, June 8, 1996 TAG: 9606080501
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Business Briefs
LENGTH: 50 lines
Union Pacific Corp. rejected Conrail Inc.'s most recent $1.9 billion offer to acquire big pieces of Southern Pacific Rail Corp.'s rail system. Union Pacific plans to buy Southern Pacific for $5.4 billion in cash, stock and debt. The federal Surface Transportation Board, the agency that regulates railroad mergers, is scheduled to rule on the proposed acquisition July 3. The Surface Transportation Board is expected to approve the merger, although the agency may force Union Pacific to sell a few smaller rail lines for competitive reasons, the analyst said. (Bloomberg Business News) Workers at Reynolds reject five-year contract
Nearly 500 workers at Reynolds Metals Co.'s aluminum foil plants in Richmond soundly rejected a five-year contract this week because it would last too long, the local president of the union said. The Richmond local was one of the first bargaining units to vote on a national contract with Reynolds this week. The union represents nearly 5,000 workers at nine Reynolds plants around the country. Many workers, faced with possible job losses, may accept the long-term pact. (Knight-Ridder/Tribune Business News) Crestar acquires 10 Mellon branches
Crestar Financial Corp. said its acquisition of the deposits, customer accounts and selected loans of 10 branches of Mellon Bank are to be completed Friday. The transaction brings to Crestar about $150 million in deposits and $190,000 in loans, and expands its presence in the Washington area. Completion of the acquisition will add five Mellon branches to the Crestar system - two permanently, three on a temporary basis - bringing the number of Crestar locations in Maryland to 63. With $18 billion in assets, Crestar has 374 banking locations throughout Virginia, Maryland and the District of Columbia. (Staff) N.C. manufacturer recalls furniture
A North Carolina furniture manufacturer is recalling 1,100 pieces of furniture that could be safety hazards. The U.S. Consumer Products Safety Division said that High Point-based Thayer Coggin is recalling 1,100 chairs, recliners, couches and settees said to have faulty components. About 30 percent of the 1,100 pieces of furniture have been repaired, said Royale Wiggin, Thayer Coggin's chief operating officer. Most of the furniture was bought by hospitals and offices. Consumers can contact Thayer-Coggin at 910-841-6000 or 230 South Road, High Point, N.C. 27262. (AP)
KEYWORDS: RECALL by CNB