(Bloomberg circulated the following story on August 4.)
WASHINGTON, D.C. — Union Pacific Corp., owner of the largest U.S. railroad company, said it filed for a planned sale of shares in its Overnite Transportation Co. trucking unit after withdrawing a sale offer five years ago citing weak demand.
The planned sale would be a 100 percent stake, including overallotments, in the Richmond, Virginia-based unit, Union Pacific said in a statement distributed by PR Newswire.
Omaha, Nebraska-based Union Pacific, which last month posted a 5.3 percent decline in second-quarter earnings, filed for a initial offering in 1998 that was withdrawn in July of that year, citing sluggish demand for initial offers and labor unrest.
Overnite has 208 service centers and a fleet of more than 6,000 tractors and 21,000 trailers providing less-than-truckload service to all 50 U.S. states, the unit said in a statement.
Union Pacific shares fell 23 cents to $60.71 on Friday, and the stock has gained 7.6 percent in the past year.