February 7, 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.  

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 [...]

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.

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.

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 [...]

Railroad bridges of the Crooked River

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CLEVELAND –- Norfolk Southern owns the Conrail vertical lift railroad bridge, which is near the river’s mouth at Lake Erie, northeast of Willow Bridge. This operational bridge, which fell under a Corps of Engineers bridge-replacement project in the 1940s, replaced an old, bulky swing bridge. Its span is 265 feet, and it stretches 98 feet [...]