July 24, 2016

SMART TD sends letter to STB opposing CP/NS merger

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

“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

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

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

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.

Latest CP takeover offer rejected by NS

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

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 […]

NS hostile to CP acquisition bid

U.S. railroad operator Norfolk Southern Corp all but rejected a $28.4 billion acquisition offer by Canadian Pacific Railway Ltd on Tuesday, calling it “low-premium” and warning it would face significant regulatory hurdles. While Norfolk Southern said it would carefully evaluate the offer, its sour response represents a setback to Canadian Pacific as well as its largest shareholder, […]

Canadian Pacific explores take over of NS

Canadian Pacific Railway Ltd., the second-biggest railroad in Canada, is exploring a takeover of U.S. carrier Norfolk Southern Corp. in a fresh attempt to consolidate the North American 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, […]

Class I railroads announce third quarter 2015 earnings

In a press release Oct. 14, 2015, CSX announced record financial results for the third quarter of 2015. Net earnings for the railroad came in at $507 million for the quarter, compared to the $509 million for the same period last year, which translates into a third quarter record of $0.52 per share, as compared […]