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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.
Canadian Pacific ends bid to buy Norfolk Southern
2016-04-11 14:45:20| Railroads - Topix.net
A deal would have expanded Canadian Pacific's rail network across the U.S. Calgary, Canada-based Canadian Pacific operates railroads in Canada and parts of the U.S. Midwest and South, while Norfolk Southern of Norfolk, Virginia operates railroads along the East Coast, Midwest and South.
Canadian Pacific terminates efforts to buy Norfolk Southern
2016-04-11 14:45:19| Railroads - Topix.net
Canadian Pacific Railway Ltd said on Monday it had terminated efforts to buy Norfolk Southern Corp, almost six months after it launched its unsolicited bid. "We have long recognized that consolidation is necessary for the North American rail industry to meet the demands of a growing economy, but with no clear path to a friendly merger at this time, we will turn all of our focus and energy to serving our customers and creating long term value for CP shareholders," said Chief Executive Hunter Harrison said in a statement.
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Canadian Pacific scraps efforts to buy Norfolk Southern
2016-04-11 14:45:18| Railroads - Topix.net
The announcement comes days after the U.S. Justice Department urged the Surface Transportation Board to reject a voting trust arrangement Canadian Pacific Railway had proposed as part of its bid. Calgary-based CP, Canada's second-largest railroad operator, launched its takeover bid for Norfolk Southern in mid-November, touting potential savings of more than $1.8 billion annually.
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US Army Takes Aim at Canadian Pacific, Norfolk Southern Railroad Merger Plan
2016-04-08 05:44:07| Railroads - Topix.net
The U.S. Army said a Canadian Pacific Railway takeover of Norfolk Southern Corp. has the potential to harm national defense, adding opposition to the possible merger plan. The Army told the Surface Transportation Board that it opposed Canadian Pacific's plan to have CEO Hunter Harrison step down and become the head of Norfolk Southern as part of a voting trust structure before the regulator's final approval of a merger.
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