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UPDATE 1-Canadian Pacific explores Norfolk Southern takeover - Bloomberg

Published 2015-11-09, 03:09 p/m
© Reuters. UPDATE 1-Canadian Pacific explores Norfolk Southern takeover - Bloomberg
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(Adds details, background)
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)
Freight carried by major U.S. railroads has fallen this
year, compared with 2014, hurt by a drop in commodity prices.
Canadian Pacific Chief Executive Hunter Harrison has long
called for an industry consolidation. The company discussed a
merger with CSX Corp (N:CSX) CSX.N last year, but could not reach a
deal. urn:newsml:reuters.com:*:nL1N0W420K
Harrison came back from retirement to head Canadian Pacific
after a proxy campaign by activist investor Bill Ackman's
Pershing Square Capital management, which owns about 9 percent
of the company.
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.

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