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Canadian Rail Eyes Norfolk Southern

Newspaper article News Sentinel

Canadian Rail Eyes Norfolk Southern

Article excerpt

Canadian rail eyes Norfolk Southern

Canadian Pacific Railway Ltd., the second- biggest railroad in Canada, is exploring a takeover of U.S. carrier Norfolk Southern Corp. in a fresh attempt to consolidate the North American industry, according to people familiar with the matter.

Canadian Pacific is raising financing and has held early-stage merger talks with Norfolk Southern, which is valued at about $24 billion, said two people who asked not to be identified because deliberations are private. Discussions are preliminary and talks may not progress or lead to a deal, they said.

Shares in Norfolk Southern rose as much as 13 percent in New York after trading was temporarily halted, the biggest intraday gain since 2001. Canadian Pacific increased as much as 7.2 percent in Toronto. The Standard & Poor's 500 Railroads Index, which tracks four carriers, erased earlier losses and rose almost 5 percent.

Representatives for Canadian Pacific and Norfolk declined to comment.

A move for Norfolk Southern, the second-biggest railroad in the eastern U.S., would revive Canadian Pacific's effort to build a transcontinental carrier after talks with CSX Corp. failed last year.

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