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Case Study- The Acquisition of Consolidated Rail Corporation (A)
After eight days of intense negotiations in a New York City hotel room, executives from CSX Corporation (CSX) and Consolidated Rail Corporation (Conrail), the first- and third-largest railroads in the Eastern United States, announced an $8.3 billion merger" This combination would create the second largest rail system in the United States and by far the largest rail system east of the Mississippi River.
John W. Snow, CSX's chief executive officer, announced the merger on October 15, 1996, proclaiming, "This merger of equals represents a strategic combination that will provide excellent value for our customers and our shareholders, and is consistent with sound public policy. This is the right merger at the right time between the right companies." David M. LeVan, Conrail's chief executive officer, concurred. "We are delighted to be merging with our ideal partner. Our companies share an uncompromising commitment to safety, operating excellence, and superior service and have compatible cultures that will expedite realization of the benefits of the merger."