Rail Industry News
Will rail industry go from 7 Class I railroads to 4?
(Source: Railway Age, December 17, 2015) NEW YORK — According to Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl, “The addition of a contingent value right (CVR) is Canadian Pacific’s way of providing Norfolk Southern...
Many possible pitfalls await CP Rail’s merger bid
(Source: Reuters, December 17, 2015) CHICAGO — Canadian Pacific Railway’s $27 billion bid for Norfolk Southern Corp risks coming unstuck due to regulatory scrutiny of its impact on the U.S. rail market, in particular the possibility it could spark competition-crushing...
UP warns CP-NS merger could increase Chicago rail gridlock
(Source: Bloomberg, December 17, 2015) NEW YORK — Union Pacific Corp. jumped into the debate over railroad consolidation by saying that Canadian Pacific Railway Ltd.’s proposed takeover of Norfolk Southern Corp. risks adding to gridlock at the industry’s crucial...
PTC: The life-saving technology that Congress isn’t fully funding
(Source: The Atlantic, December 17, 2015) WASHINGTON, D.C. — The derailment of Amtrak train 188 in Philadelphia earlier this year, which killed eight people, introduced many Americans to a safety technology that could have prevented the crash in the first place:...
Opinion: To save lives, push railroads to meet new PTC deadline
(Source: Opinion column by Christopher Hart in the Philadelphia Inquirer, December 18, 2015. Mr. Hart is Chairman of the National Transportation Safety Board.) PHILADELPHIA — During this holiday season, millions of Americans will ride on passenger railroads to be with...
CSX to release 4Q 2015 earnings statement on January 12, 2016
(Source: CSX press release, December 16, 2015) JACKSONVILLE, Fla. — CSX Corporation will release fourth-quarter financial and operating results on Tuesday, January 12, 2016, after the market close. The company will host an earnings conference call from 8:30 a.m. to...
SEC investigating unusual 2012 stock trading at oil train loading company
(Source: Minneapolis Star Tribune, December 16, 2015) MINNEAPOLIS — Federal authorities have been investigating a price spike in the stock in a Minnesota-based oil train loading company after it went public in 2012, resulting in a windfall for investors who held...
Mexican activists claim private railroad guards killed migrants
(Source: Associated Press, December 16, 2015) MEXICO CITY — Mexican rights activists said Wednesday they have reports of three cases in which private railroad guards have killed migrants trying to ride freight trains to the U.S. border. Full story: Kansas City Star
Senate confirms Tony Coscia and Derek Kan to Amtrak Board of Directors
(Source: Amtrak press release (PDF), December 16, 2015) WASHINGTON, D.C. — Tony Coscia and Derek Kan were recently confirmed by the Senate to serve terms on the Amtrak board of directors. Coscia, currently the Chairman of the board of directors, was appointed to...
Suspected vandalism of freight train causes Amtrak delays in Richmond, Va.
(Source: Television station WTVR, December 17, 2015) RICHMOND, Va. — The vandalization of a freight train was responsible for multiple Amtrak delays on Wednesday, according to a source. Full story and video: www.wtvr.com
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...
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