Conrail Employees Offered Stock Plan
From United Press International
PHILADELPHIA — Consolidated Rail Corp. announced today it will offer employees a chance to buy up to $600 million in company stock under an employee stock ownership plan.
Conrail spokesman Robert Libkind said the plan is designed to boost shareholder value and improve employees’ performance.
Conrail’s announcement pushed its stock price up 12.5 cents to $38 on the New York Stock Exchange. Exchange authorities briefly suspended trading in the stock for a routine inquiry into the ESOP.
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