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.
CSX Corporation announced declining financial results for the first quarter 2016. Net earnings for the railroad decreased to $356 million or $0.37 per share, down from first quarter 2015 reported net earnings of $442 million or $0.45 per share. “As we managed through the impact of the continued coal decline and other market forces during […]
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 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.
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 […]
“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.
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.
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.