The Senate balked at a bid for Conrail.
The upper house of Congress refused to consider Morgan Stanley & Co.’s $1.4-billion offer for Conrail despite arguments that it would provide more money to reduce the deficit than Norfolk Southern Corp.’s $1.2-billion offer. After three hours of sometimes emotional debate, senators voted 53 to 39 to kill the offer by Morgan Stanley, a New York investment house that has organized a consortium of 41 investors to buy the government-owned freight rail carrier.
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