The Railway Labor Executives Assn. said it...
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The Railway Labor Executives Assn. said it submitted a bid to buy Southern Pacific Transportation Co. for $750 million in cash. RLEA, an umbrella group of railway unions, said the deal is worth $3.6 billion because of the assumption of debt and the relinquishing of certain tax advantages to Santa Fe Southern Pacific, which put Southern Pacific up for sale after the Interstate Commerce Commission refused to allow the Chicago company’s two subsidiary railroads to merge. Southern Pacific management submitted a parallel bid, which may be combined with the RLEA offer.
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