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首页> 外文会议>Transportaion 2001: a time and space odyssey >The Conrail Acquisition and Integration: Implications for Public Policy and Private Investment
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The Conrail Acquisition and Integration: Implications for Public Policy and Private Investment

机译：并购与整合：对公共政策和私人投资的启示

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摘要

In March of 1997, CSX Transportation Inc. (CSXT) and Norfolk Southern Railway (NS) reached agreement to purchase all of Conrail's outstanding stock for approximately $10.8 billion and divide the railroad between them, using lease agreements and subsidiary corporations organized for this purpose. The agreement included creation of a "Shared Assets Operation" (a corporate successor to Conrail), jointly owned by the two acquiring carriers, to provide rail service in Detroit, northern New Jersey, and southern New Jersey/Philadelphia.rnStated objectives of the Conrail purchase, as expressed in STB filings by NS and CSXT, were to:rn1. Improve rail service to shippers in Conrail's territoryrn2. Improve market share of CSXT and NS in the regionrn3. Divert additional truck traffic from highways to railrn4. Increase shareholder valuernFormal approval of the merger was granted by the Surface Transportation Board (STB) on July 23, 1998. The railroads actually took control of Conrail operations, and split the railroad between them, on June 1, 1999.rnThe unprecedented complexity of the transaction caused the Federal Railroad Administration (FRA) to request STB to exercise continuing oversight of the merger. The resultant monitoring effort, mostly by FRA, continued for nearly two years (June 1999 to May 2001), and involved periodic meetings, reports, field investigations by FRA inspectors, and weekly reporting of operating statistics to the STB by both railroads. Analysis of the data, and production of reports, was contracted to ZETA-TECH Associates, a railroad industry consulting firm.rnFrom the voluminous data gathered during the monitoring period, ZETA-TECH has prepared an evaluation of the financial and operational performance of CSXT and NS since their acquisition of Conrail. Conclusions of ZETA-TECH's evaluation are that:rn5.Virtually none of the benefits of the Conrail purchase promised by NS and CSXT in their STB filings have been realizedrn6.Service levels are poorer, and rail market share lower, in the former Conrail territories than prior to the transactionrn7. The financial condition of both CSXT and NS is worse than in 1997, when the original agreement to buy Conrail was reachedrnThe failure of the Conrail transaction to produce most of the expected public benefits raises serious public policy questions. The railroad industry, and the Northeast's transportation infrastructure, cannot afford another Conrail purchase. The process of regulatory review must change, to provide a more effective voice for all stakeholders and to protect railroad rights-of-way that may now have value to the economy at large that exceeds their value to their private owners.
机译：1997年3月，CSX Transportation Inc.（CSXT）和Norfolk Southern Railway（NS）达成协议，以约108亿美元的价格购买Conrail的全部流通股票，并使用租赁协议和为此目的组织的子公司将铁路分给他们。该协议包括创建由两家收购运营商共同拥有的“共享资产业务”（Conrail的企业继承人），以在新泽西州北部的底特律和新泽西州/费城南部提供铁路服务。如NS和CSXT在STB文件中所表明的，购买是：rn1。改善对Conrail领土内的托运人的铁路服务。提高CSXT和NS在该地区的市场份额。将更多的卡车交通从公路转移到铁路4。增加股东价值rn地面运输委员会（STB）于1998年7月23日批准了合并的正式批准。铁路实际上是在1999年6月1日控制了Conrail的运营，并将铁路分开。这项交易导致联邦铁路管理局（FRA）要求STB对合并进行持续监督。由此产生的监测工作主要由FRA进行，持续了将近两年的时间（1999年6月至2001年5月），涉及定期会议，报告，FRA检查员的实地调查以及两条铁路每周向STB报告运行统计数据。数据分析和报告制作已与铁路行业咨询公司ZETA-TECH Associates签约。rn在监测期内收集的大量数据中，ZETA-TECH已对CSXT的财务和运营绩效进行了评估。 NS自从收购Conrail以来。 ZETA-TECH的评估结论如下：5，NS和CSXT在STB申请中承诺的购买Conrail的好处几乎没有实现6。交易之前7。 CSXT和NS的财务状况都比1997年差，当时达成了购买Conrail的原始协议。Conrail交易未能产生大多数预期的公共利益的失败引发了严重的公共政策问题。铁路行业以及东北地区的交通基础设施无法承担对Conrail的再次购买。监管审查的过程必须改变，以向所有利益相关者提供更有效的声音，并保护目前对整个经济的价值超过其对私人所有者价值的铁路通行权。

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  • 来源
  • 会议地点 Williamsburg VA(US)
  • 作者

    Randolph R. Resor; Vice President; James R. Blaze;

  • 作者单位

    ZETA-TECH Associates, Inc. P.O. Box 8407 Cherry Hill, NJ 08002 phone 856-779-7795 fax 856-779-7436 resor@zetatech.com;

    rnZETA-TECH Associates, Inc. P.O. Box 8407 Cherry Hill, NJ 08002 phone 856-779-7795 fax 856-779-7436;

    rnZETA-TECH Associates, Inc. P.O. Box 8407 Cherry Hill, NJ 08002 phone 856-779-7795 fax 856-779-7436;

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  • 正文语种 eng
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