Six firms were selected to handle the Conrail sale.
The sale of the 10-year-old freight railroad was set in motion when Transportation Secretary Elizabeth Hanford Dole announced which six investment firms will handle the stock deal. The prospect of as much as $80 million in commissions had Wall Street investment banking firms scrambling for a piece of the action. To handle the sale, the Transportation Department selected Goldman, Sachs; Morgan Stanley, Merrill Lynch, First Boston, Salomon Bros. and Shearson Lehman Bros.
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