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CSX may not be the only rail target for activist investor

CSX may not be the only rail target for activist investor

OMAHA, Neb. (AP) — The executive who led Canadian Pacific's financial turnaround may have a backup plan if his pursuit of CSX railroad gets derailed.

The 72-year-old Harrison announced his retirement from CP last week and is now reportedly targeting CSX with investor Paul Hilal, who left Pershing Square last year and has raised more than $1 billion to start his own hedge fund.

The terms of Hunter Harrison's separation agreement with Canadian Pacific prohibits him from working at Canadian National, Union Pacific or BNSF railroads, but in addition to CSX, it also allows him to jump to Norfolk Southern or Kansas City Southern.

Edward Jones analyst Dan Sherman says CSX and Norfolk Southern are the most likely takeover targets. CP pursued mergers with both of those railroads under Harrison's leadership.


Updated : 2021-10-18 00:56 GMT+08:00