UNION PACIFIC FINALLY forced Santa Fe Pacific to the bargaining table. On Nov. 29, Santa Fe again delayed a shareholder vote on its plan to sell out to Burlington Northern, saying its directors and shareholders needed time to weigh alternatives, notably UP's hostile $3.2 billion offer. Meanwhile, Santa Fe executives will meet with UP to try to "clarify and improve" its cash and stock offer. The Interstate Commerce Commission approved UP's plan to put Santa Fe shares in trust until the purchase is approved. But regulators still could scotch the deal if they require UP to sell off lines.
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