WSLS.com reported that Norfolk Southern plans to cut 2,000 jobs in response to its fourth quarter profits sliding 29 percent amidst its attempts to ward off a takeover bid from Canadian Pacific. Read the entire article here.
The Globe and Mail reported that a proxy fight is likely between Canadian Pacific and Norfolk Southern. In a recent regulatory filing, NS said that the premium offered by CP in its proposal was too small and the merger and the voting trust proposed would not be approved by regulators. Read the complete article here.
Norfolk Southern (NYSE: NSC) announced that its board of directors has unanimously rejected Canadian Pacific’s (NYSE:CP) previously announced unsolicited, low-premium, non-binding, highly conditional indication of interest to acquire the Company for $46.72 in cash and a fixed exchange ratio of 0.348 shares in a new company that would own Canadian Pacific and Norfolk Southern. After a [...]
Canadian Pacific Railway Ltd., the second-biggest railroad in Canada, is exploring a takeover of U.S.carrierNorfolk SouthernCorp. in a fresh attempt to consolidate the NorthAmerican industry,according to people familiar with the matter.The shares surged on the news. Canadian Pacific is raising financing and has held early-stage merger talks with Norfolk Southern, which is valued at about [...]
Canadian Pacific Railway Ltd. began operating a reduced freight schedule run by its managers on Feb. 15, after talks on a new contract broke down and more than 3,000 train engineers and conductors walked off the job. Canada’s No. 2 railway and the Teamsters Canada Rail Conference failed to agree on terms including on scheduling [...]
Canada’s two biggest railroads aren’t letting winter go unchallenged. Canadian National Railway Co. (CNR) is strengthening its network, increasing employees and engines to keep trains running smoothly prevent another winter of icy and prevent another winter of profit-sapping gridlock. Canadian Pacific Railway Ltd. (CP) is putting additional staff on standby, redeploying some equipment to “strategic” [...]
CALGARY – Canadian Pacific Railway Ltd. is selling a stretch of track in the northeastern United States to a major U.S. railway in a $217-million deal. Norfolk Southern plans to acquire nearly 455 kilometres of rail line from Delaware & Hudson, a CP subsidiary, between Sunbury, Pa., and Schenectady, N.Y. Read the complete story at [...]