Canadian Pacific CEO: Options Shorter for Norfolk Southern Takeover
11 2월 2016 - 8:30AM
Dow Jones News
Canadian Pacific Railway Ltd.'s options for winning a hostile
bid for Norfolk Southern Corp. are "becoming shorter and shorter,"
its chief executive said Wednesday.
Citing Norfolk Southern's refusal to enter talks and mounting
opposition to the proposed deal from politicians, customers and
competitors, Canadian Pacific CEO Hunter Harrison said at a
transportation conference in Coral Gables, Fla., that the future of
the tie-up now rests with the Virginia-based railroad operator's
shareholders.
Canadian Pacific first announced the proposal, currently valued
at close to $30 billion, in November.
Canadian Pacific backed away this week from its earlier threats
to replace Norfolk Southern directors through a proxy battle. The
Calgary, Alberta-based railway instead opted to submit a nonbinding
proxy resolution at Norfolk Southern's annual meeting to seek
shareholder support for merger discussions. The date of the meeting
hasn't been set.
At the conference, Mr. Harrison rebuked executives of some U.S.
railways for speaking out against mergers after Canadian Pacific
launched its offer to create the country's first transnational
railway.
Canadian Pacific alleged in January in a complaint to the
Justice Department that executives from major railways, including
Union Pacific Corp. and CSX Corp., acted together to thwart the
deal. Union Pacific disputed the allegation. CSX declined to
comment.
U.S. railways have become "fat and sassy" about competition and
it was "wrong" for competitors to oppose a merger that he believes
will improve delivery times and costs, Mr. Harrison told the
conference.
Write to Jacquie McNish at Jacquie.McNish@wsj.com
(END) Dow Jones Newswires
February 10, 2016 18:15 ET (23:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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