Santa Fe Pacific to Spin Off Units:...

Santa Fe Pacific to Spin Off Units: Santa Fe Pacific Corp., the Chicago railroad concern, said its board has approved spinning off its real estate and petroleum operations Dec. 4. Common shareholders will receive a special dividend in the form of the company’s interest in its real estate and petroleum subsidiaries. The board directed management in April to draw up a plan to spin off the real estate and energy entities. Holders of record Nov. 29, 1990, will receive one share of common stock of Santa Fe Energy Resources for every 3.3 shares of SFP stock held and one share of Catellus Development Corp. for every four shares. Catellus is the former Santa Fe Pacific Realty.