Canadian Pacific asks regulators to review rail merger deal
OMAHA, Neb. (AP) — Canadian Pacific has asked federal regulators to approve the structure of its roughly $30 billion proposed takeover of Norfolk Southern railroad.
The two railroads haven't agreed on a deal, but Canadian Pacific is trying to address Norfolk Southern's concerns about the U.S. Surface Transportation Board.
It's difficult to predict how the board would handle a major railroad merger because there haven't been any since tough rules for them were adopted in 2001.
Canadian Pacific CEO Hunter Harrison said Wednesday he hopes the board will offer investors a clear view of how it views the proposed voting trust structure for the deal.
Norfolk Southern shareholders will vote at their annual meeting whether they want the two railroads to discuss merging.