Reuters — U.S. railroad operator Norfolk Southern has formally rejected a revised offer from Canadian Pacific Railway (CP), raising the prospect of a proxy battle. CP shareholder Bill Ackman said last week that CP CEO Hunter Harrison and he have both been sounded out by activists interested in a proxy fight with Norfolk Southern. Ackman […] Read more
Tag Archives canadian pacific — page 6
Norfolk Southern rejects CP’s revised offer
CP revises offer for Norfolk Southern, rebuffed again
Reuters — Canadian Pacific Railway (CP) on Tuesday revised its bid to buy U.S. railroad operator Norfolk Southern Corp, less than a week after its prior $28.4 billion proposal was rejected but the new offer was promptly rejected again. Calgary-based CP said it was now offering $32.86 in cash and 0.451 of a share in […] Read more
U.S. railway Norfolk Southern rejects CP offer
Reuters — U.S. railroad operator Norfolk Southern said Friday its board had rejected Canadian Pacific Railway’s US$28.4 billion offer, calling it “grossly inadequate” and could face substantial regulatory hurdles. A struggling coal transportation market, suppressed by weak market demand and global oversupply, has weighed on the earnings of Norfolk, making it more vulnerable as a […] Read more
Manitoba pledges more law on nutrient loading
More legislation to cut nutrient loading into Lake Winnipeg and other water bodies is among the shorter-term commitments in the Manitoba government’s latest throne speech. In the speech, which Lt.-Gov. Janice Filmon delivered Monday, Premier Greg Selinger pledges to “work with all partners to reduce nutrient loading” in Lake Winnipeg and work to prevent further spread of […] Read more
Running rights on table in CP bid for Norfolk Southern
Canadian Pacific Railway (CP) says it hopes to unclog one of the most infamous rail traffic bottlenecks in the U.S. with a bid to buy railway Norfolk Southern. Confirming a recent news report on its plans, CP announced Tuesday it has sent an offer letter to Virginia-based NS. The Calgary company didn’t disclose any financial […] Read more
CP said exploring Norfolk Southern takeover
Reuters — Canadian Pacific Railway (CP) is looking to acquire U.S. peer Norfolk Southern, business news service Bloomberg reported Monday, citing people familiar with the matter. Canada’s second-largest railroad operator has already raised financing and held early-stage merger talks with Norfolk Southern, Bloomberg reported, citing two of the people. Freight carried by major U.S. railroads […] Read more
CP books more grain revenue on less grain in Q3
Canadian Pacific Railway (CP) boosted its income from Canadian grain by five per cent in its third quarter ending Sept. 30, on its way to its highest-ever Q3 gross revenue. Across all its business segments, the Calgary-based railway on Tuesday reported net income of $323 million on $1.709 billion in revenue for the quarter, down […] Read more
Arbitrator named for CP talks with running trades
The federal government has named its arbitrator to settle a new contract between Canadian Pacific Railway (CP) and its conductors, engineers, trainmen and yardmen. Labour Minister Kellie Leitch on Monday appointed lawyer and professional mediator George Adams as the arbitrator and mediator for talks between CP and its 3,800 unionized running trades workers, represented by […] Read more
CN, CP book higher grain revenues in Q1
A bump in gross revenue from grain handling helped to improve first-quarter results for both of Canada’s big two railways. Canadian National Railway (CN) on Monday reported overall net income of $704 million on $3.098 billion in revenue for the quarter ending March 31, up from $623 million on $2.693 billion in the year-earlier period. […] Read more
CP’s shopcraft staff ratify new labour deal
Repair, maintenance and locomotive and rail car inspection staff at Canadian Pacific Railway (CP) have voted to ratify the last-minute deal that kept them off the picket line. The 1,625 unionized workers, represented by Unifor’s CP shopcraft bargaining unit, voted 79 per cent in favour of their four-year deal at membership meetings over the past […] Read more
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