CSX to Acquire Pan Am Whole

PAR: ANNOUNCES SALE AGREEMENT TO EMPLOYEES CSX: ANNOUNCES SALE TO PUBLIC AND CUSTOMERS NS: ISSUES CAUTIOUS STATEMENT IN PRESS

Pan Am Announcement to Employees

30.November, Billerica MA — In a letter to employees circulated Monday afternoon (but apparently written two weeks ago) Pan Am Railways President David A. Fink announced that PAR is to be sold to CSX, pending regulatory approval.

DAF letter to Pan Am EmployeesCSX Announcement to Public and Customers

30.November, Jacksonville FL — CSX President/CEO Jim Foote apprised the railroad industry of his company’s agreement to purchase PAR, and EVP Sales/Marketing Mark Wallace addressed a similar letter to CSX customers.

Wallace letter to CSX customersFoote letter to public

 

 

 

 

 

 

 

 

 

 

 

 

 

NS Press Statement

30.November, Atlanta GA – “In 2009, Pan Am Railways and Norfolk Southern negotiated a pro-competitive joint venture that resulted in the creation of Pan Am Southern. That transaction was approved by the Surface Transportation Board in large part because the joint venture provided competition in the marketplace.
Over the past decade, Norfolk Southern has ensured the success of that venture, and remains committed to it today. We now understand that CSX is poised to acquire Pan Am Railways. We are carefully considering the effects of this transaction, especially any competitive harm to the marketplace.
We remain committed to working with any potential Pan Am Railways purchaser, the STB, and any other applicable regulatory agencies to protect shippers, commuters and rail passengers throughout the New England market.”