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Deals: Banc One Corp. said it has agreed to buy Valley National Corp. in a stock swap worth about $1.2 billion. The deal offered another example of consolidation in the banking business, and should assure Columbus, Ohio-based Banc One`s place among the nation`s 10 biggest banking companies. . . . Union Pacific Corp., the Bethlehem, Pa.-based rail transportation company, said it has acquired ownership of 23.4 percent, or 10.15 million non-voting common shares, of Chicago and North Western Holdings Corp., the parent company of Chicago and North Western Railroad. Union Pacific formed a separate subsidiary, UP Rail Inc., April 7 to hold the 10.15 million non-voting common shares, which are convertible 1-for-1 into common shares.
