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 [...]
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 [...]
The nation’s four major railroads are still carrying less freight than they were before the recession. But the last decade has been an exhilarating ride for them nonetheless — an era of growing profits, soaring stock prices and ambitious investments. For Jacksonville-based CSX Corp., freight volume has dropped 7 percent since 2004. Meanwhile, its shares [...]
An acceleration of resource additions, coupled with the annual volume decline after Thanksgiving, should provide incremental improvements in train performance and terminal fluidity heading into next year, Norfolk Southern Corp. officials said in a service update posted on the Class I’s website on Monday. “As severe winter weather will have an adverse impact to operations, [...]