Conrail sale gets U.S. OK; 600 jobs here lost or moved

Article Abstract:

Conrail of Philadelphia, PA, has been approved to be 42% sold to CSX Transportation Inc. and 58% to Norfolk Southern Corp. in a $10-billion deal by federal regulators. The deal, which calls for submission of regular operational reports and other requirements, is expected to reduce the number of union workers by a net of 1,500 but requires the same number of transfers that are mainly for clerical and maintenance positions. Management positions is also expected to be reduced by 1,150, majority of which will be from Conrail's head office. In Pittsburgh, PA, about 600 employees will either be eliminated or transferred to Atlanta, GA, or Jacksonville, FL.

Comment:

Is approved to acquire 58% of Consolidated Rail by federal regulators

United States, Line-Haul Railroads, Railroad Freight Operations, Railroads, Rail Transportation, Rail freight, Norfolk Southern Corp., Consolidated Rail Corp., CSX Transportation Inc.

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PNC buys old-line Louisville brokerage

Article Abstract:

PNC Bank Corp. will acquire Hilliard-Lyons Inc., a Louisville, KY-based brokerage firm, for $275 million in cash and stock, to boost its money business for high-end customers. Hilliard-Lyons, which operates 48 offices in 12 states and manages $5 billion in assets, provides brokerage and investment management services to around 200,000 rich clients with total assets of over $22.5 billion. However, the deal, expected to be finalized by end of 1998, will not only enhance PNC Bank's commitment to its affluent customers but will also generate additional income for the firm.

Comment:

Will acquire Hilliard-Lyons Inc for $275 mil in cash & stock, to boost its money business for high-end customers

Securities Brokerage, Offices of Bank Holding Companies, Kentucky, Investment Holding Companies, Stockbrokers, PNC Financial Services Group Inc., Hilliard-Lyons Inc. (Louisville, KY)

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German firm taking control of Consol

Article Abstract:

Upper St. Clair, PA-based Consol Energy Inc. will have more than 94% of its shares controlled by Germany-based Rheinbraun AG. Rheinbraun has a proposed deal to acquire DuPont's stake at Consol Energy. The planned transaction's completion, which is expected to possibly occur by the end of 1998, will leave DuPont with a stake of 6% to 5% at Consol Energy. DuPont's divestment of its stakes in the coal business to Rheinbraun has brought forth Consol Energy's creation in 1991 as a joint-venture firm.

Comment:

Has a proposed deal to sell its stake at Consol Energy to Rheinbraun

Foreign operations, Germany, Coal, Coal Mining, E.I. du Pont de Nemours and Co., CONSOL Energy Inc., Rheinische Braunkohlenwerke AG

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