RAILROADS

Santa Fe to Negotiate With Union Pacific: Santa Fe Pacific Corp. agreed to meet with hostile bidder Union Pacific Corp. and postponed a shareholders’ vote on a merger with Burlington Northern Inc. Analysts said the moves signal a turning point in the battle for control of the nation’s seventh-largest railroad and domination of western U.S. rail service. Santa Fe’s board adopted a “poison pill” anti-takeover strategy but postponed the effective date to Dec. 16 so Union Pacific’s $3.3-billion offer wouldn’t trigger it. Santa Fe said it will meet with Union Pacific “in an effort to clarify and improve” Union Pacific’s offer, but neither side would say when. Burlington Northern, which has a tentative deal to acquire Santa Fe for about $3 billion, did not return phone calls.