DATE: Wednesday, June 4, 1997               TAG: 9706040445
SECTION: BUSINESS                PAGE: D2   EDITION: FINAL 

DATELINE: NORFOLK                           LENGTH:   20 lines

NORFOLK SOUTHERN AND CSX CONSUMMATE CONRAIL MERGER

Norfolk Southern Corp. and CSX Corp. announced Tuesday that they have put the finishing touches on the financial part of their Conrail takeover. A jointly owned company, which acquired 96 percent of Conrail's stock last week, was merged with Conrail on Monday. The moves cancels Conrail's publicly traded shares and converts the remaining 4 percent of the stock into the right to receive $115 a share. Norfolk-based Norfolk Southern and Richmond-based CSX now own all of Conrail, but the Phildalephia-based railroad will be held in a voting trust until federal regulators approve the takeover. Conrail will operate independently in the meantime. Norfolk Southern and CSX are splitting the Northeastern railroad in a $10.2 billion deal that will create two relatively equal railroads connecting all major markets in the eastern United States.

Send Suggestions or Comments to webmaster@scholar.lib.vt.edu