THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Wednesday, January 15, 1997 TAG: 9701150607
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 47 lines
Norfolk Southern appeal to be heard today
Norfolk Southern Corp.'s request to block a Conrail Inc. shareholder vote Friday will be heard today by the 3rd U.S. Circuit Court of Appeals in Philadelphia. Conrail shareholders are to vote on allowing the Philadelphia-based railroad's proposed $9.2 billion merger with Richmond-based CSX Corp. to proceed. Norfolk Southern, whose $10.3 billion bid was rejected by Conrail, wants the vote delayed until the appeals court hears its appeal of a Jan. 9 decision that upheld a provision in the merger prohibiting Conrail from talking to bidders other than CSX until 1999. (Staff)
Australian railroads attract U.S. rail firms
Several U.S. railroad operators are interested in buying Australia's government-owned railroads, reports the Australian Financial Review. The Australian National and National Rail are to be sold in 1997. Among the U.S. operators that asked the Australian government for information are Burlington Northern Santa Fe Inc., Kansas City Southern Industries Inc., Rail-Tex Inc. and Richmond-based CSX Corp., which is in a takeover battle for Conrail Inc. U.S. bidders are likely more interested in freight carrier National Rail than the passenger line Australian National. (Bloomberg Business News)
Possible airline strike not spooking passengers
As the word ``strike'' begins to be batted around in a contract dispute between American Airlines and its pilots, travel agents say passengers are continuing to book advance tickets. American's parent company, AMR Corp., has given the Allied Pilot Association until 8 a.m. local time today to decide whether it will accept binding arbitration now that the contract talks have been officially declared at an impasse. If the pilots reject binding arbitration, a 30-day cooling-off period would kick in, during which time they would not be allowed to strike. (Associated Press)
NCUA chairman ordered staff to spy on rival
The National Credit Union Administration chairman ordered agency staff to secretly tape or report on speeches given by a rival board member with whom he had been feuding, a new report said Tuesday. The report by a House Banking oversight subcommittee said NCUA Chairman Norman E. D'Amours contributed to a climate of ``controversy and confusion'' at the agency, which supervises federally chartered credit unions. The report did not accuse D'Amours of illegal activity and did not recommend disciplinary action. But the agency will continue to be monitored. (AP)