Olympia & York Developments Ltd. launched a...

Olympia & York Developments Ltd. launched a $245-million tender offer to boost its stake in Santa Fe Southern Pacific to 19.6% from 10.5%. The Toronto real estate developer previously agreed to support Santa Fe’s restructuring plan in exchange for two seats on the board. That agreement was seen as a blow to La Jolla-based Henley Group, which owns a 14.9% stake in Santa Fe and intends a proxy fight for seats on Santa Fe’s board. However, Henley Group said it was pleased that O&Y; had initiated the offer.