Olympia & York Developments said it received...

Olympia & York Developments said it received Securities and Exchange Commission approval to buy up to 24.9% of Santa Fe Southern Pacific Corp., a railroad company which has been the target of takeover speculation. Toronto-based Olympia & York, controlled by the wealthy Reichmann family, currently holds or has options to buy 9,727,100 Santa Fe common shares, or 6.1% of the company’s common stock, which it acquired at a cost of $479 million. In the SEC filing, Olympia & York, which also has extensive holdings in the United States, said the Santa Fe stock and options were purchased for investment purposes.