Olympia & York Developments of Toronto has...

Olympia & York Developments of Toronto has raised its stake in Santa Fe Southern Pacific to 9.27% from 8.23% of shares outstanding by buying an additional 1.6 million shares between Dec. 18 and Jan. 11 for $78 million. O&Y; also exercised previously disclosed call options to buy 800,000 shares for $31.8 million. In a related development, Chicago-based SFSP announced that its corporate headquarters staff will be reduced to 125 from 371 by April 1 as a result of its restructuring program.

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