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The failed SPSF merger left Southern Pacific Transportation Company devoid of all other assets. The ICC allowed all parts of Southern Pacific Corporation to be merged into Santa Fe Industries. The railroad alone was left to flounder without the other assets it was unavoidable that it would decline and be sold at a considerable discount. Rio Grande purchased Southern Pacific and through a complicated legal process SP (Central Pacific) purchased Union Pacific. This was a legal manuver to claim the tax benefits due the Central Pacific corporate sucessor.
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