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CSX, Norfolk Southern ask STB to approve sale, breakup of Conrail. Predict savings, improved service.
The Surface Transportation Board has begun consideration of the 15,000-page application by CSX and Norfolk Southern for approval of their $10.2-billion acquisition and division of Conrail.
During the next year, the record will swell by thousands of additional pages as shippers, ports, competitors and others weigh in with their comments on the sale.
The STB has until next June 8 to decide on the application. A schedule has been set, detailing deadlines for comments and dates for hearings.
NS and CSX told the board that their acquisition of Conrail's system in the U.S. Northeast and Midwest will save the public nearly $1 billion a year and "usher in a new era of rail service and rail/truck competition."
They said the acquisition will provide Northeastern …