TRANSPORTATION

Union Pacific Rejects Conrail Bid: Union Pacific Corp. of Bethlehem, Pa., rejected Philadelphia-based Conrail Inc.’s most recent $1.9-billion offer to acquire big pieces of San Francisco-based Southern Pacific Rail Corp.’s rail system. Union Pacific’s reply signals that the railroad sees no need to parcel out pieces to allay any regulatory objections to its $5.4-billion acquisition of Southern Pacific. The Surface Transportation Board, which regulates railroad mergers, is scheduled to rule on the acquisition this summer. Conrail Chief Executive David LeVan told CNBC that he is not surprised by Union Pacific’s response, but added that “we’ll leave our offer on the table.”