(Source: Railway Age, February 3, 2016)
NEW YORK — Continuing its hostile pursuit of Norfolk Southern, and faced with some stiff political and rail industry opposition in the U.S., Canadian Pacific on Feb. 3, 2016 released a white paper, “CP-NS: A Comprehensive Approach to Regulatory Approval,” which details “the comprehensive, merit-based process any merger application would be subject to at the Surface Transportation Board,” CP said. NS immediately responded with a brief statement: “The fact that CP has not sought a declaratory order from the STB for its voting trust structure shows that it has no confidence that it would ever be approved. CP’s white paper does nothing more than repeat CP’s misleading and flatly wrong statements about the regulatory hurdles to a transaction.”
Full story: Railway Age