Canadian Pacific hopes Norfolk Southern OKs merger talks
OMAHA, Neb. (AP) — Canadian Pacific's appeal to Norfolk Southern shareholders and regulators likely represents the railroad's last effort to acquire its rival.
CP Chief Executive Hunter Harrison said Wednesday that he still hopes Norfolk Southern executives will sit down and discuss a possible merger, so they can attempt to resolve their differences.
Since November, Norfolk Southern has sternly rejected several offers worth roughly $30 billion.
Canadian Pacific has asked federal regulators to approve the proposed structure of the deal to address some of the concerns voiced by Norfolk Southern.
Harrison says he still believes merging the two railroads would produce significant benefits, but he doesn't plan to attempt a hostile takeover.
Norfolk Southern shareholders will vote this spring on whether the two railroads should even discuss a merger.