Regulatory

Though Norfolk Southern’s fourth-quarter and 2015 financial results aren’t all that different from those of most other Class I railroads, NS has  been particularly compelled to develop an aggressive strategic…
News item: Canadian Pacific (CP) is pursuing a hostile takeover of Norfolk Southern (NS). CP is asking the U.S. Justice Department to investigate whether NS and other U.S.-based major railroads—some…
In the latest twist in the ongoing saga of Canadian Pacific’s increasingly hostile pursuit of a steadfast Norfolk Southern as a takeover target, CP is accusing several unnamed Class I…
After years of delays and extensions, a multi-year surface transportation bill is finally in place. Will it deliver on the advertised?
In remarks at the Midwest Association of Rail Shippers annual meeting on Jan. 13, 2015, Lance M. Fritz, President and CEO of Union Pacific, while declining to comment specifically on…
Following a period of relative quiet over the Christmas holiday, Canadian Pacific’s endeavor to acquire Norfolk Southern has picked up steam with issuance of a white paper, “A 21st Century…
In 2015, the Railway Supply Institute, Inc. (RSI) advocated quite heavily against keeping truck size and weight from increasing. And it was successful on both accounts. Now, according to RSI’s…
Everything is out in the open, as it should be. Today (January 8, 2016), the Surface Transportation Board established a page on its website, “Major Railroad Mergers and Consolidations Correspondence,”…
Association of American Railroads Senior Vice President-Law and General Counsel Louis P. Warchot has joined the Transportation practice of Sidley Austin LLP as counsel in its Washington, D.C. office.
Canadian National Railway (CN) filed on Jan. 5, 2016 a final shelf prospectus with Canadian securities regulators and a registration statement with the United States Securities and Exchange Commission (SEC),…
On January 5, 2016, Reuters published a story containing excerpts of letters reportedly sent to the Surface Transportation Board by industry groups representing several major Norfolk Southern freight customers. The…
Reuters, which originally broke the story late last year about Canadian Pacific’s targeting of Norfolk Southern for acquisition before CP officially announced it, has published excerpts of several letters to…
The critical takeaway from enactment in December of the Surface Transportation Board Reauthorization Act, S.808, is that, absent headline-capturing abuse of captive shippers by railroads, it is unlikely Congress will…
The U.S. Surface Transportation Board on Dec. 28, 2015 issued two interrelated decisions—a Notice of Proposed Rulemaking (NPRM) and Proposed Policy Statement (PPS)—proposing revised definitions and policy guidance for passenger…
The U.S. House of Representatives and Senate passed an omnibus spending bill late last week that will keep federal agencies funded through the end of September 2016.
As Canadian Pacific continues to pursue a merger with Norfolk Southern, CP CEO Hunter Harrison sent a response to the members of the Illinois Congressional delegation (all Democrats) who sent…
According to Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl, “The addition of a contingent value right (CVR) is Canadian Pacific’s way of providing…
Rail industry cogitation focuses so far on Canadian Pacific's (CP) prospects for securing Surface Transportation Board (STB) approval for its—at first friendly and now increasingly hostile—attempt to take over Norfolk…
Canadian Pacific (CP) on Dec. 16, 2015 announced a “revised, enhanced offer” in its bid to acquire Norfolk Southern (NS). The revised offer consists of, for each NS share, U.S.$32.86,…
December 7, 2015: A day that will live in infamy for anyone attempting to follow the volley of legalese and rhetoric being tossed about by Canadian Pacific and Norfolk Southern…
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