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Ackman-Backed Plan Fizzles as Canadian Pacific Ends Norfolk Bid

2016-04-11 22:11:08| Air Courier - Topix.net

Canadian Pacific Railway Ltd. abandoned its bid to buy Norfolk Southern Corp. after five months of public efforts and several rejected bids, dealing a setback to investor Bill Ackman, who championed the transaction. The deal, valued at $27 billion, would have been the largest railroad merger since regulators changed their criteria for approving combinations in 2001.

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