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Yahoo
an hour ago
- Business
- Yahoo
CSX working with Goldman Sachs to explore strategic options, Bloomberg News reports
(Reuters) -Railroad operator CSX is working with Goldman Sachs to explore strategic options following a merger between its two major rivals, Bloomberg News reported on Thursday, citing people familiar with the matter. Union Pacific said on Tuesday it would buy smaller rival Norfolk Southern in an $85 billion deal to create the first U.S. coast-to-coast freight rail operator and reshape the movement of goods from grains to autos across the country. Reuters reported last week that CSX was in talks to bring on financial advisers. "We welcome all opportunities that would allow us to deliver value for our shareholders, drive pro-growth and serve our customers better," CSX CEO Joe Hinrichs said on a post-earnings call last week. Goldman Sachs did not immediately respond to a Reuters request for comment. CSX declined to comment.
Reuters
an hour ago
- Business
- Reuters
CSX working with Goldman Sachs to explore strategic options, Bloomberg News reports
July 31 (Reuters) - Railroad operator CSX (CSX.O), opens new tab is working with Goldman Sachs (GS.N), opens new tab to explore strategic options following a merger between its two major rivals, Bloomberg News reported on Thursday, citing people familiar with the matter. Union Pacific (UNP.N), opens new tab said on Tuesday it would buy smaller rival Norfolk Southern (NSC.N), opens new tab in an $85 billion deal to create the first U.S. coast-to-coast freight rail operator and reshape the movement of goods from grains to autos across the country. Reuters reported last week that CSX was in talks to bring on financial advisers. "We welcome all opportunities that would allow us to deliver value for our shareholders, drive pro-growth and serve our customers better," CSX CEO Joe Hinrichs said on a post-earnings call last week. Goldman Sachs did not immediately respond to a Reuters request for comment. CSX declined to comment.
Yahoo
an hour ago
- Business
- Yahoo
CSX working with Goldman Sachs to explore strategic options, Bloomberg News reports
(Reuters) -Railroad operator CSX is working with Goldman Sachs to explore strategic options following a merger between its two major rivals, Bloomberg News reported on Thursday, citing people familiar with the matter. Union Pacific said on Tuesday it would buy smaller rival Norfolk Southern in an $85 billion deal to create the first U.S. coast-to-coast freight rail operator and reshape the movement of goods from grains to autos across the country. Reuters reported last week that CSX was in talks to bring on financial advisers. "We welcome all opportunities that would allow us to deliver value for our shareholders, drive pro-growth and serve our customers better," CSX CEO Joe Hinrichs said on a post-earnings call last week. Goldman Sachs did not immediately respond to a Reuters request for comment. CSX declined to comment. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
BBC News
16 hours ago
- Sport
- BBC News
Throat cancer survivor ends Aussie Outback challenge early
A throat cancer survivor has been forced to abandon a 4,000-mile motorbike ride across Australia due to fears about his rally driver Steve "Sport" Griffiths, from Quarry Bank in Dudley, had to end his coast-to-coast challenge early, after a support vehicle riding alongside him broke down, meaning he couldn't 56-year-old, who set out in early July to raise money for charity and rode for 14 days, told the BBC he was "disappointed but relieved" to have ended the Griffiths had to postpone an earlier attempt at the challenge after discovering he had oropharyngeal cancer in 2023, to have chemotherapy and radiotherapy. The 56-year-old said: "It's disappointing but it was the right decision. The media support vehicle that was with me suffered broken axles and it was essential it was alongside my ride."I was feeling fine but the other riders were able to go faster and I couldn't keep that pace so I didn't want to spoil it for everyone."Mr Griffiths endured extreme temperatures along dusty roads, with blistering daytime temperatures but having to scrape ice off his visor at team reached speeds of believes he has raised almost £30,000 for Cancer Research UK and the McGrath Foundation with the challenge. Mr Griffiths had a fall near the start of his adventure but was able to continue, taking on water from pouches strapped to his setting out, Steve was concerned that as his cancer treatment had damaged his salivary glands, taking in fluids might have been too difficult to complete the he managed to cross Australia, from Brisbane to Perth, before being forced to abandon on the return leg - an estimated 2,500km or five days from the finish point. Undeterred, Mr Griffiths now plans to take on a new challenge, custom building a Metro 6R4 and driving it between John O'Groats and Land's End to continue fundraising."I'd love to take in some race tracks, doing a lap at Donington and Silverstone if I can along the way," he said."The Australia challenge has not beaten me. I did the right thing to attempt it and it's given me such a boost. I'm raring to go again." Follow BBC Birmingham on BBC Sounds, Facebook, X and Instagram.
Yahoo
2 days ago
- Business
- Yahoo
Factbox-Major rail mergers that reshaped the US freight network
(Reuters) -Union Pacific said on Tuesday it would buy smaller rival Norfolk Southern in an $85-billion deal to create the country's first coast-to-coast freight rail operator. Such mergers have historically reshaped the rail map, consolidating regional carriers into some dominant networks, but often come under intense scrutiny from the Surface Transportation Board. Landmark mergers in the past - such as the creation of BNSF and between Union Pacific and Southern Pacific - have set the stage for today's concentrated rail network, often triggering both operational gains and regulatory pushback. Here are some of the largest railroad deals in the past three decades: Year Merger Deal value Note 1995 Burlington Northern & $4.1 Created one of the Santa Fe billion largest U.S. railroads at the time 1996 Union Pacific & $5.4 The merger caused Southern Pacific billion significant operational problems and shipping delays that led to tougher regulatory standards 1998 CSX & Norfolk Southern $10.2 Conrail was split split Conrail billion between CSX and Norfolk Southern in a joint acquisition 2023 Canadian Pacific & $31 billion First single-line Kansas City Southern railroad linking the U.S., Canada and Mexico 2025 Union Pacific & First Norfolk Southern $85 billion coast-to-coast freight rail operator Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
