RAILROADS

Santa Fe Rejects Sweetened Bid: Santa Fe Pacific Corp. said it turned down a $3.8-billion offer from Union Pacific Corp. and reiterated its desire to be acquired by Burlington Northern Inc. in a deal valued at $3.1 billion. Despite the higher bid, Santa Fe maintained that a merger with Union Pacific would not be approved by regulators because it would lessen rail competition in the West. A Union Pacific spokesman said the firm was disappointed at Santa Fe’s decision, but will continue pursuing a merger.