Merrill Lynch & Co. and J.P. Morgan & Co. are putting together an $11 billion financing package for Norfolk Southern Corp., backing its plan to acquire and split Conrail with CSX Corp.

The financing is expected to include a $7 billion syndicated loan and a $4 billion bond. It will mark the third time since October that Merrill has revamped the loan backing Norfolk Southern's bid for Conrail.

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