ICC OKs Sale of Southern Pacific
Associated Press
WASHINGTON —
The Interstate Commerce Commission today unanimously approved the sale of the Southern Pacific Railroad to Rio Grande Industries, creating a 15,000-mile rail system that covers 15 states from Portland, Ore., to New Orleans.
Rio Grande Industries has agreed to buy the Southern Pacific from Santa Fe Southern Pacific Corp. for $1.2 billion. The ICC in a 4-0 vote said the merger of the Southern Pacific and the Denver & Rio Grande Western railroads would have the best competitive results and be in the public interest.
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