CP pursuing NS. Game on!

It’s official: Canadian Pacific on Nov. 17, 2015 sent an offer letter to Norfolk Southern proposing a merger (an acquisition, really) “that would create a transcontinental railroad with the scale and reach to deliver improved levels of service to customers and communities while enhancing competition and creating significant shareholder value.” On Nov. 18, CP, in response to NS’s tepid response to the initial offer, provided “full disclosure.”

CPNSDensityMAP

CP + NS is in play: Reports

Canadian Pacific Railway has held early-stage merger talks with Norfolk Southern and is raising financing for an acquisition, according to Nov. 9, 2015 news reports citing confidential sources at both carriers. NS stock jumped 11%, the most since 2008, to $88.62 at the close of the New York Stock Exchange, while CP’s 5.7% rally to C$188.79 on the Toronto Stock Exchange was its biggest gain since 2013.

Delaware and Hudson rail line

CP, NS complete D&H South sale

Canadian Pacific Railway Ltd. has completed the sale of a 282-mile segment of its Delaware & Hudson subsidiary to Norfolk Southern Corp.—the D&H South line, which connects Schenectady, N.Y., with Sunbury, Pa.

CP set for superior grain service

Canadian Pacific says it “is well positioned to provide best-in-class service to western Canadian grain shippers during the 2015-2016 crop-year.”

CP posts record quarterly OR and net income

Canadian Pacific Railway on July 21, 2015 posted its highest-ever net income and lowest-ever operating ratio for a second quarter.

CP welcomes cab monitoring technology

Canadian Pacific has reviewed the Canadian Transportation Safety Board’s report on the collision between two CP freight trains near Dunmore, Alberta in May, 2013 and says it “is fully supportive of the TSB’s conclusion with respect to cab monitoring technology. CP applauds the TSB’s call for the implementation of cab monitoring technology both for post-accident analysis and its use during in-train operations to prevent accidents.”

CP cites improvements in grain train performance

Speaking at the Dec. 8, 2014 “Post-Harvest Handling and Transportation for Agricultural Products: Issues and Challenges” conference in Fargo, N.D., hosted by North Dakota State University’s Center for Agriculture Policy and Trade Studies, Canadian Pacific Vice President Marketing and Sales, Bulk John Brooks said the railroad continues to move more grain from North Dakota to key markets domestically and internationally as it invests in its network.

UP begins Canada-to-California CBR service

Union Pacific’s Can-Am Corridor linking western Canada with the western U.S. entered a new era on Nov. 24, 2014, when the first unit train of Canadian crude rolled across the international border at Eastport, Idaho, headed for a distribution terminal near Bakersfield, Calif. The 97 loaded tank cars, owned by Phillips 66, were powered by two locomotives on the head end, plus a single distributed power unit on the rear.

CP + CSX: “No further talks are planned”

Breaking its relative silence, Canadian Pacific Railway announced Oct. 20, 2014 that it is no longer pursuing CSX as a merger partner. “Exploratory conversations held with CSX Corp. about a possible business combination have ended,” the railroad said in a statement. “No further talks are planned.”

STB asks CP to “clear ambiguities”

The Surface Transportation Board, in a decision dated Oct. 14, 2014 (Docket No. EP 724, “United States Rail Service Issues,” has asked Canadian Pacific Railway to “answer specific questions to clarify ambiguities related to CP’s efforts to resolve service problems and respond to fall peak demand.”
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