Following growing opposition from Capitol Hill and the U.S. Department of Justice’s Antitrust Division, Canadian Pacific Railway (CP) announced today that they are ceasing efforts to merge with Norfolk Southern (NS), citing “no clear path to a friendly merger at this time.” This is a major win for workers on both carriers, as well as
The past week has not been kind to fans of a merger between Canadian Pacific (CP) and Norfolk Southern (NS). After House Transportation & Infrastructure Chairman Bill Shuster came out in opposition, the U.S. Department of Justice’s (DOJ) Antitrust Division and the U.S. Army both issued their own calls to pump the brakes. On Thursday,
In a short statement released this morning, House Transportation & Infrastructure Committee Chairman Bill Shuster (R-PA) stated his opposition to the prospect of a merger between Canadian Pacific (CP) and Norfolk Southern (NS). CP has been attempting a semi-hostile takeover of NS, vying to apply an unusual voting trust structure and make a direct appeal
Activist-investor Bill Ackman (left) and Canadian Pacific CEO Hunter Harrison (right) Canadian Pacific (CP) is officially ceasing efforts to merge with Norfolk Southern (NS) for the moment, citing the growing political pressure and to await a response from the Department of Justice regarding a letter they sent in mid-January. Some believe CP is trying to
Canadian Pacific (CP) CEO Hunter Harrison has faced a wall of opposition ever since announcing his intention to merge his company with Norfolk Southern (NS) last November. And that wall includes NS itself. On Dec. 7th, NS released a “white paper” that outlined the various reasons why a merger would be unwise, including the viability
