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The Union Pacific/Southern Pacific Rail Merger: A Retrospective on Merger Benefits


Denis A. Breen


Federal Trade Commission - Bureau of Economics

March 11, 2004

FTC Bureau of Economics Working Paper No. 269

Abstract:     
This paper presents a retrospective case study of merger efficiencies in the context of the merger of the Union Pacific Railroad Co. and the Southern Pacific Transportation Co., as approved by the Surface Transportation Board in 1996. There is sufficient information on the public record to permit some evaluation of merging parties' pre-merger efficiency claims, and to weigh these claims against regulatory and antitrust standards. The author also had access to public and certain normally non-public sources of information sufficient to permit at least a preliminary assessment of the extent to which claimed efficiencies were actually realized post-merger. Contrary to skepticism expressed about merger efficiency claims, both generally and with respect to this particular rail merger, a variety of available evidence suggests that a number of the claimed efficiencies were plausibly merger-specific and were actually realized post-merger.

Number of Pages in PDF File: 46

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Date posted: April 15, 2004  

Suggested Citation

Breen, Denis A., The Union Pacific/Southern Pacific Rail Merger: A Retrospective on Merger Benefits (March 11, 2004). FTC Bureau of Economics Working Paper No. 269. Available at SSRN: http://ssrn.com/abstract=531222 or http://dx.doi.org/10.2139/ssrn.531222

Contact Information

Denis A. Breen (Contact Author)
Federal Trade Commission - Bureau of Economics ( email )
601 Pennsylvania Avenue, NW
Washington, DC 20580
United States
202-326-3447 (Phone)
202-326-3443 (Fax)
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