February 13, 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.

Dem calls for Senate hearing re: CP proposal

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The Hill.com reported yesterday that Sen. Joe Manchin (D-W.Va.) is requesting a Senate hearing to investigate Canadian Pacific’s proposed takeover of Norfolk Southern. The Hill quoted Manchin as describing the proposal as a ”Wall Street takeover.” Read the complete 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.

Class I’s release fourth quarter and annual earnings

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CSX Corporation announced a solid fourth quarter and full-year financial performance for 2015. The railroad announced declines for the fourth quarter and mixed financial results for the full year. CSX reported in a press conference that net earnings declined five percent to $466 million or $0.48 per share (down two percent), down from last year’s [...]

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.

SMART TD sends letter to STB opposing CP/NS merger

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In a letter dated, January 14, SMART TD President John Previsich wrote the Surface Transportation Board opposing a Canadian Pacific Railway proposal to acquire Norfolk Southern Railroad. See the letter in its entirety below or click here to read the letter. “Dear Chairman Elliott, Vice Chairman Miller and Member Begeman: “I am writing to you [...]

SMART TD weighs in on CP’s NS takeover bid

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“You don’t merge two railroads like this to create job opportunities, but to boost profits for a few investors,” stated John Risch, National Legislative Director of SMART Transportation Division, to Reuters reporter, Nick Carey. Click here to read the complete Reuters article.

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.

Safety Alert: shotgun shell found in locking pin

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Canadian Pacific Railway recently reported that a shotgun shell was found in the locking pin of the coupler on the Quebec Gatineau Railway (QGRY) in Quebec. “This type of mischief has potentially fatal consequences and serves as a reminder that employees must always be aware of their surroundings, perform thorough equipment inspections and report any [...]

Warren Buffett’s BNSF considers bid for NS

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NewsmaxFinance.com reported that Warren Buffett’s BNSF railroad, owned by Berkshire Hathaway Inc., may offer a competing bid for Norfolk Southern Corp, throwing a wrench in Canadian Pacific Railway’s efforts for a $27 billion takeover of Norfolk Southern.  Read the complete article here.