Nov 9 (Reuters) - Canadian Pacific Railway Ltd CP.TO is
looking to acquire U.S. peer Norfolk Southern Corp (N:NSC) NSC.N ,
Bloomberg reported, 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. (http://bloom.bg/1ScVTK4)
Shares of Norfolk Southern rose 11.8 percent to $89 in
afternoon trading, while Canadian Pacific's U.S.-listed shares
CP.N were up 6.5 percent at $143.
Norfolk Southern had a market value of about $24 billion as
of Friday close.
Canadian Pacific and Norfolk Southern could not be
immediately reached for comment.