Reuters — Canadian Pacific Railway said on Monday it had scrapped efforts to buy Norfolk Southern, almost six months after it launched its unsolicited US$28 billion bid for the fourth-largest U.S. railroad operator. The announcement comes days after the U.S. Justice Department urged the Surface Transportation Board to reject a voting trust arrangement CP had […] Read more
Tag Archives canadian pacific — page 5
CP scraps plans to buy Norfolk Southern
U.S. Justice Dept. urges rejection of CP voting trust
Reuters — The U.S. Justice Department on Friday urged a regulator to reject a voting trust Canadian Pacific Railway (CP) has proposed as part of its takeover bid for U.S. railway Norfolk Southern, saying it could hurt competition and would violate rules. In mid-November, CP disclosed a $28 billion offer for the Virginia-based company, which […] Read more
ADM suing CP over 2013-14 rail service disruptions
Chicago | Reuters –– Archer Daniels Midland has filed a lawsuit against Canadian Pacific Railway over service disruptions in 2013 and 2014 at crop-processing plants in North Dakota and Minnesota, alleging they stemmed partly from cost-cutting and the Canadian railroad’s pursuit of merger partners. Chicago-based ADM, one of the world’s largest grain traders and processors, […] Read more
CP mulls litigation over opposition to Norfolk Southern deal
Reuters — Canadian Pacific Railway (CP) said Wednesday it is looking at all legal options in response to what it described as concerted efforts by certain U.S. railroads to block its proposed merger with Norfolk Southern. “It is unfortunate that CP must consider the use of litigation to ensure a level playing field and protect […] Read more
CP’s Norfolk bid riles U.S. railroads
Chicago | Reuters –– A legal protest by Canadian Pacific Railway (CP) over a meeting among big U.S. railroads about mergers in their industry has highlighted manoeuvring in the sector to cope with a rapid downturn and possible consolidation. Calgary-based CP on Tuesday asked the U.S. Justice Department to look into statements by U.S. railroads, […] Read more
CP books more Prairie grain revenue at year-end
Higher grain revenue on Canada’s Prairies helped lead to record full-year revenues and offset a lower fourth-quarter gross for Canadian Pacific Railway (CP), as the company warned of substantial job cuts ahead. The railway on Thursday reported overall net income of $1.352 billion on record revenue of $6.712 billion for 2015, down from $1.476 billion […] Read more
Supreme Court tosses CP challenge on interswitching
Canadian Pacific Railway’s (CP) bid to halt new federal rules which allow more Prairie elevators to move loaded grain cars on more than one railway has stopped at Canada’s highest court. The Supreme Court of Canada on Friday dismissed CP’s appeal of an October ruling at the Federal Court of Appeal — a ruling which […] Read more
CN, CP both over revenue limits for 2014-15 grain haul
Canada’s big two railways will both be required to hand over seven figures in Prairie grain revenue from the 2014-15 crop year after taking in more than their federally-allowed maximums. The Canadian Transportation Agency on Tuesday ruled Canadian National Railway and Canadian Pacific Railway (CN, CP) exceeded their grain revenue entitlements for the crop year […] Read more
CP to weigh options after another Norfolk rejection
U.S. railway Norfolk Southern has rejected another new marriage proposal from Canadian Pacific Railway (CP), leaving the Calgary-based rail firm to “review its strategic alternatives.” Norfolk Southern said Wednesday its board of directors has “unanimously” rejected CP’s revised Dec. 16 proposal, which offered US$32.86 per share in cash, a fixed exchange ratio of 0.451 shares […] Read more
CP revises hostile bid for Norfolk Southern, again
Reuters — Canadian Pacific Railway slammed railway Norfolk Southern on Wednesday, accusing it of misleading investors even as CP executives rolled out a new bid with increased shareholder protections to acquire the U.S.-based railroad. Executives from Canada’s second-largest railroad said the deal is now in the hands of Norfolk Southern’s shareholders, and urged its board […] Read more
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