February 12, 2016

NS profits fall, 2,000 jobs to be cut

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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.

Freight cars derail in Minn.

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News8000.com reported this morning that six mixed-freight cars of a Canadian Pacific train derailed last night near Reno, Minn.  No injuries were reported.  Click here to read the entire article.

Fatigue at CP threatens rail safety

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The CBC News reported that Transport Canada recently ordered Canadian Pacific Railway to change its fatigue-management practices and freight train line-ups in British Columbia since they pose “an immediate threat to safe railway operations.”  Read the entire article here.

CP anticipates proxy fight with NS

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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.

Latest CP takeover offer rejected by NS

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OMAHA, Neb. (AP)—U.S. News & World Report reported today that Norfolk Southern (NS) denied Canadian Pacific’s (CP) takeover offer, but it appears that CP persists, as they are reportedly set to bring their proposal to NS stakeholders. Read the entire article at  U.S. News & World Report Dec. 8.

NS board rejects offer from CP

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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 explores take over of NS

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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 [...]

Canada readies back-to-work legislation on CP strike

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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 rails add workers, engines to halt winter woes

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” [...]

NS to buy part of northeast rail line from CP

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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 [...]