April 13, 2016 | CP, Headlines, NS
(Source: Railway Age opinion column by William c. Vantuono, April 11, 2016) NEW YORK — Well, it’s all over but the ruminating and regurgitating: Hedge fund king Bill Ackman had his blinders ripped off, read the handwriting on the wall, and wisely deep-sixed his...
April 13, 2016 | CSX, Headlines, NS
(Source: Bloomberg, April 12, 2016) NEW YORK — With any path to railroad mergers blocked for now, the largest U.S. carriers will have to rely on cost cuts and better service to boost profit. Judging by the first-quarter earnings forecasts, it will be a long slog. Full...
April 13, 2016 | CP, Headlines, NS
(Source: Business News Network, April 11, 2016) OTTAWA — The CEO of Canadian Pacific Railway says the swell of powerful opposition to the proposed takeover of Norfolk Southern ultimately convinced him that the US$28-billion bid for the Virginia-based railway would...
April 12, 2016 | CP, Headlines, NS
(Source: Reuters opinion column by Robert Cyran, April 11, 2016) NEW YORK — Canadian Pacific Railway’s $28 billion bid for rival Norfolk Southern pushed all the wrong deal buttons. The now-abandoned, unsolicited offer managed to alienate nearly every ally the railway...
April 12, 2016 | CP, Headlines, NS
(Source: Reuters, April 11, 2016) CHICAGO — Canadian Pacific Railway Chief Executive Hunter Harrison on Monday said the company would consider using cash once planned to acquire rival Norfolk Southern Corp for a potential buyback, dividend, or combination of both....
April 12, 2016 | CP, Headlines, NS
(Source: Norfolk Southern press release, April 11, 2016) NORFOLK, Va. — Norfolk Southern today issued the following statement regarding Canadian Pacific’s withdrawal of its unsolicited acquisition proposal and its related shareholder resolution: “Norfolk Southern’s...
April 12, 2016 | CP, Headlines, NS
(Source: DC Velocity, April 11, 2016) WASHINGTON, D.C. — Facing a battle it seemed destined to lose, Canadian Pacific Railway (CP) said today it would end its efforts to acquire Norfolk Southern Corp. (NS) for US$28 billion to create North America’s first...
April 11, 2016 | CSX, Headlines, NS
(Source: Toledo Blade, April 10, 2016) TOLEDO, Ohio — To many in northwest Ohio, the trains just seem to keep getting longer and longer. And it’s a direct result of a near standstill with business for some rail companies. Rail traffic has tailed off in recent months,...
April 11, 2016 | CP, Headlines, NS
(Source: Reuters, April 8, 2016) NEW YORK — The Department of Justice on Friday urged a regulator to reject a voting trust that Canadian Pacific Railway Ltd. has proposed as part of its takeover bid for Norfolk Southern Corp, saying it could hurt competition and would...
April 11, 2016 | CP, Headlines, NS
(Source: Canadian Pacific Railway press release, April 11, 2016) CALGARY, Alberta — Canadian Pacific Railway Ltd. today announced that it has terminated efforts to merge with Norfolk Southern Corp. (NS), including the withdrawal of a resolution asking NS shareholders...
