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Daily Headlines
Flexjet and Flight Options pilots vote to join Teamsters
(Source: International Brotherhood of Teamsters press release, December 15, 2015) RICHMOND HEIGHTS, Ohio — Pilots at luxury on-demand air travel companies Flexjet and Flight Options voted today to join the Teamsters Union. Following the vote tallied by the National...
Operator of runaway Red Line train officially fired by MBTA
(Source: Boston.com, December 16, 2015) BOSTON — The Red Line operator whose train took off without him while carrying about 50 passengers last Thursday is no longer employed by the MBTA, according to a state transportation official. Full story: Boston.com
A $10 million bonus for lawyers in Lac-Megantic case
(Source: Montreal Gazette, December 16, 2015) MONTREAL — The monitor and lawyers involved in settling the Lac-Mégantic file deserve an extra $10 million for their work in obtaining and overseeing a compensation fund now exceeding $450 million in the wake of the 2013...
Ackman says he doubts BNSF can make competitive bid for NS
(Source: Bloomberg, December 16, 2015) NEW YORK — Warren Buffett will be hard-pressed to top Canadian Pacific Railway Ltd.’s bid for Norfolk Southern Corp. because the billionaire’s BNSF Railway lacks the management depth to make enough improvements at the target...
Ackman risks missing his train as CP Rail’s offers for NS fall flat with investors
(Source: Bloomberg, December 15, 2015) NEW YORK — Canadian Pacific Railway's latest bid for Norfolk Southern fell flat with investors, just like the one that came before it. With each underwhelming offer, the company risks getting beaten at its own game. Full story:...
CP Rail will seek other merger partner if NS rebuffs bid
(Source: Globe and Mail, December 16, 2015) TORONTO — Canadian Pacific Railway Ltd. will seek a merger with another railway if Norfolk Southern Corp. shareholders don’t push the company to discuss a merger, warns Bill Ackman, a CP board member and head of the...
NS will ‘carefully consider’ CP Rail’s latest offer
(Source: Norfolk Southern press release, December 16, 2015) NORFOLK, Va. — Norfolk Southern Corporation today confirmed that the Company's board of directors will carefully consider the publicly disclosed, revised proposal from Canadian Pacific with the assistance of...
CP’s Harrison says he’s not averse to bare-knuckle brawl to take over NS
(Source: Canadian Press, December 16, 2015) CALGARY — Canadian Pacific Railway's chief executive says he's not averse to a bare-knuckle takeover brawl as the company enhanced its bid for Virginia-based Norfolk Southern with a variable payment that could add an...
CP Rail sweetens bid for NS with ‘insurance’ for shareholders
(Source: Virginian-Pilot, December 16, 2015) NORFOLK, Va. — Canadian Pacific has sweetened its merger offer to Norfolk Southern Corp., though the sugar would kick in only if the stock price of the newly combined company fell below a certain threshold in 2017. Full...
World’s longest railroad tunnel set to open in Switzerland next year
(Source: Good magazine, December 15, 2015) NEW YORK — The Gotthard Base Tunnel located in the Swiss Alps is poised to be the world’s longest railroad tunnel. At 57 kilometers (35 miles) long, the tunnel will open in December of 2016 and transport more than 200 trains...
