Nov 18 (Reuters) - Canadian Pacific Railway Ltd CP.TO said
its proposed $28.4 billion acquisition of U.S. railroad operator
Norfolk Southern Corp (N:NSC) NSC.N will help the combined company
save at least $1.8 billion annually.
The combined company will also have substantial tax
benefits, Canadian Pacific said in a proposal letter it sent to
Norfolk on Tuesday.
Canadian Pacific made the letter public on Wednesday after
Norfolk rejected the offer, calling it "low-premium" and warning
of significant regulatory hurdles.