Union Pacific Buys Remainder Of Cnw

Union Pacific Corp. will acquire the rest of Chicago and North Western Transportation Co., the nation’s eighth-largest railroad, for $35 a share, or about $1.2 billion, the companies said Friday.

The widely anticipated deal values Chicago-based CNW at $1.6 billion. Union Pacific, the nation’s largest railroad in terms of revenue, already owns 29.5 percent of CNW.

Union Pacific, which operates 17,500 miles of track in the Midwest, Southern Plains and the West, recently lost a battle with Burlington Northern Inc. to take over Santa Fe Pacific Corp.