Railway Age reported that Norfolk Southern Corp. (NS) will downsize its Knoxville, Tenn. yard effective May 1. Approximately 135 positions will be eliminated. According to NS, this action is in response to lower traffic volumes. Read the entire story here.
Bloomberg reported that Canadian Pacific is seeking a declaratory order from the U.S. Surface Transportation Board regarding the proposed voting structure in its attempted acquisition of NS. Read the entire article here.
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.
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.
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. 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, […]
CHICAGO – Norfolk Southern joined local and state officials to dedicate a new fleet of environmentally friendly, rail yard locomotives for Chicago today at its 47th Street intermodal facility. The engines are branded “Eco” locomotives for their operating efficiencies in reducing emissions and fuel consumption. More than $19 million in grant funding through the federal […]
The Surface Transportation Board today approved Norfolk Southern Railway Company’s (NSR) acquisition of approximately 283 miles of rail line in Pennsylvania and New York from the Delaware & Hudson Railway Company, Inc. (D&H), subject to certain conditions. The lines at issue, known as D&H’s South Lines, consist of approximately 267 miles of the main line […]
Norfolk Southern Corporation March 2 announced that James A. Squires will succeed Charles W. “Wick” Moorman as chief executive officer. The action by the company’s board of directors is part of its planned succession process and will be effective June 1, 2015. Squires will continue in his current capacity as president and with all major […]