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Canadian Pacific says Norfolk Southern wrong about merger

Canadian Pacific criticizes assumptions Norfolk Southern is making about proposed rail merger

Canadian Pacific says Norfolk Southern wrong about merger

OMAHA, Neb. (AP) -- Canadian Pacific says one of the main reasons Norfolk Southern opposes merging the two railroads is based on flawed assumptions.

Canadian Pacific issued a report Tuesday explaining why it believes regulators are likely to approve a merger of the two railroads.

Norfolk Southern has already rejected two different cash and stock offers from the Canadian railroad because it believes regulators wouldn't approve the deal and investors would be better off if the Norfolk, Virginia, railroad remained independent. It has also criticized the offers as inadequate.

Canadian Pacific says that Norfolk Southern is wrong to think the Surface Transportation Board wouldn't approve the structure of a deal that calls for putting one railroad into a voting trust during regulators' review.

Updated : 2021-09-23 15:20 GMT+08:00