Rail Industry News
Activist investor Bill Ackman plays big role in laying out CP-NS deal
(Source: Reuters, December 9, 2015) BOSTON — Billionaire investor William Ackman is playing an outsized role in railway Canadian Pacific's plan to buy rival Norfolk Southern, underscoring his efforts to bring home a deal to salvage an otherwise awful 2015 for the...
Investigators raid CP Rail offices a second time for info on B.C. train left with no handbrakes
(Source: CBC News, December 8, 2015) CALGARY — Transport Canada alleges three CP Rail supervisors — not the train crew — are responsible for leaving 57 rail cars parked on a mountain slope without proper handbrakes earlier this year above Revelstoke, B.C. Two of the...
Editorial: What you should know about the Canadian Pacific
(Source: Editorial in the Roanoke Times, December 9, 2015) ROANOKE, Va. — In 2005, Bill Ackman’s Pershing Square group bought into the Wendy’s hamburger chain, and forced the board to sell off its Tim Hortons doughnut business, bringing in $670 million for Wendy’s...
NS rejects second offer, but CP may go directly to shareholders
(Source: Associated Press, December 8, 2015) OMAHA, Neb. — Norfolk Southern rejected Canadian Pacific's latest takeover offer less than an hour after it was announced Tuesday, but the Canadian railroad now appears ready to take its case directly to the shareholders of...
Teamsters announce fund to assist San Bernardino victims, families
(Source: International Brotherhood of Teamsters press release, December 9, 2015) WASHINGTON, D.C. — Teamsters Joint Council 42 has created a support fund for the victims and families impacted by the San Bernardino shooting. Three Teamster members were killed and two...
The importance of a current connection for Railroad Retirement benefits
(Source: Railroad Retirement Board press release, November 16, 2015) CHICAGO — Under the Railroad Retirement Act, a "current connection with the railroad industry" is one of the eligibility requirements for occupational disability annuities and supplemental annuities,...
Is the return of Amtrak a possibility for Gulf Coast?
(Source: Sun Herald, December 8, 2015) GULFPORT, Miss. — During a meeting of some Alabama, Mississippi and Louisiana mayors last week in Mobile, SRC members announced the group will be exploring how and where a passenger service could best serve the Coast. Full story:...
Washington state imposes $71,700 fine on BNSF for hazardous spills
(Source: The Herald, December 7, 2015) OLYMPIA, Wash. — The state Utilities and Transportation Commission on Monday imposed a $71,700 fine on BNSF Railway for failing to timely report several spills of hazardous materials, including two at a rail yard in Everett. Full...
Railroads beat back new safety rules after derailments
(Source: Associated Press, December 5, 2015) NEW YORK — A pair of train derailments in 2012 that killed two people in Maryland and triggered a fiery explosion in Ohio exposed a little-known and unsettling truth about railroads in the U.S. and Canada: No rules govern...
Federal transportation bill is a boon for the new Hudson rail tunnel, officials say
(Source: New York Times, December 7, 2015) NEW YORK — Near the site where a new rail tunnel could one day run under the Hudson River, officials said on Monday that a recently passed federal transportation bill would make it easier to secure funding for the...
AAR: Nov. 2015 carload traffic down 10.4 percent from Nov. 2014
(Source: Association of American Railroads press release, December 2, 2015) WASHINGTON, D.C. — The Association of American Railroads (AAR) today reported weekly U.S. rail traffic, as well as volumes for November 2015 and the first eleven months of 2015. Carload...
U.S. rail cargo drop accelerates, pointing to economic weak spots
(Source: Bloomberg, December 7, 2015) NEW YORK — A sharper decline in U.S. railway cargo this quarter points to weak spots in the U.S. economy as a strong U.S. dollar crimps exports, retailers whittle down excess inventory and energy investment stalls. Full story:...
Norfolk Southern statement on rejection of revised merger proposal from CP Rail
(Source: Norfolk Southern press release, December 8, 2015) NORFOLK, Va. — Norfolk Southern Corporation ("the Company") today confirmed that it has received a revised, reduced proposal from Canadian Pacific. Norfolk Southern noted that Canadian Pacific's revised,...
Ackman’s railroad ties
(Source: Bloomberg, December 8, 2015) NEW YORK — Canadian Pacific sure knows how to leave investors wanting more. After an underwhelming bid last month failed to entice Norfolk Southern to entertain a merger, the railroad operator and its No. 1 fan Bill Ackman were...
CP Rail takes off the gloves after NS rejects revised takeover offer
(Source: Canadian Press, December 8, 2015) MONTREAL — Canadian Pacific Railway has dropped the gloves in its battle to acquire Norfolk Southern after the U.S. railway immediately rejected a revised takeover offer. The Calgary-based company enlisted the help of...
NS rejects revised merger offer from CP Rail
(Source: Virginian-Pilot, December 8, 2015) NORFOLK, Va. — Norfolk Southern Corp. confirmed Tuesday that it received a new merger proposal from Canadian Pacific, then promptly rejected it just a few days after spurning the first offer. Full story: Virginian-Pilot
Rail shipper survey reveals lack of support for potential CP-NS merger
(Source: Railway Age, December 7, 2015) NEW YORK — About 71% of rail shippers surveyed by Cowen and Company do not support a merger between Canadian Pacific (CP) and Norfolk Southern (NS), even though opposition to a Class I merger per se has dropped, the company...
With Bill Ackman at its side, CP Rail tries to break all the rules of mergers
(Source: Forbes, December 8, 2015) NEW YORK — Stung by a seemingly unconditional rejection of its $28 billion takeover bid for Norfolk Southern, Canadian Pacific returned to the table on Tuesday with a new offer that included less cash and an overall value its target...
KCS Santa train attracts thousands in Victoria
(Source: Victoria Advocate, December 1, 2015) VICTORIA, Texas — The line for Santa's train was at least three times as long as the train itself. After a long and difficult trip from the North Pole, the Holiday Express train arrived in Victoria on Tuesday evening,...
Turtle crossings built beneath railroad tracks in Japan
(Source: Japan Times, December 1, 2015) KOBE — West Japan Railway Co. and Suma Aqualife Park in Kobe have jointly developed a system to prevent turtles from getting caught between railway switches. They found out from experiments that when turtles trying to cross the...
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