CP Rail to ask for early approval of Norfolk Southern takeover structure

OMAHA, Neb. -- Canadian Pacific says it will ask federal regulators for preliminary approval of the structure of its proposed takeover of Norfolk Southern railroad.

See Full Article

CP CEO Hunter Harrison said Tuesday his railroad is taking this step because shareholders of both railroads recommended it.

Canadian Pacific has proposed setting up a voting trust and installing Harrison as CEO of Norfolk Southern while the deal is reviewed.

Part of the reason why Norfolk Southern has rejected all of Canadian Pacific's offers so far is because it questions whether the U.S. Surface Transportation Board would approve such a deal. No major rail mergers have been approved since regulators imposed tough rules on them in 2001.

But Norfolk Southern has also said it believes Canadian Pacific's offers remained "grossly inadequate" even as they approached $30 billion.



Advertisements

Latest Economic News

  • Trump administration sending Congress $4.1-trillion budget

    Economic CTV News
    WASHINGTON -- U.S. President Donald Trump is sending Congress a $4.1 trillion spending plan that relies on faster economic growth and steep cuts to programs supporting low-income individuals to balance the government's books over the next decade. Source
  • Lumber exports help push March wholesale sales above $60B

    Economic CTV News
    OTTAWA - Statistics Canada says wholesale sales were up 0.9 per cent in March, surpassing the $60 billion mark for the first time. Total Canadian wholesale sales for that month reached $60.2 billion as strength in lumber exports offset declines in motor vehicles and heavy machinery. Source
  • Microsoft Surface gets battery boost, more viewing angles

    Economic CTV News
    NEW YORK -- Microsoft is refreshing its Surface Pro tablet with longer battery life and faster processors. The new, fifth-generation device -- simply called Surface Pro -- won't look or feel drastically different from its predecessor. Source
  • A 10% mortgage hike would sink almost three quarters of homeowners, Manulife says

    Economic CBC News
    Nearly three quarters of Canadian homeowners say they would have difficulty paying their mortgage if their payments were to increase by more than 10 per cent, says a new survey by Manulife Bank. Thirty-eight per cent of those polled say their mortgage bills could rise between one to five per cent before they would have financial difficulty; 20 per cent say they could sustain an increase in payments between six to 10 per cent before having trouble; and 14 per cent say any hike would be a…
  • After scare, Virgin Atlantic flight leaves Dubai for London

    Economic CTV News
    DUBAI, United Arab Emirates -- A Virgin Atlantic flight from Dubai to London that was evacuated over unspecified concerns earlier Thursday in the United Arab Emirates was cleared after a security check and took off for Britain, officials said. Source
  • No desk of your own: The office plan of the future?

    Economic CBC News
    Imagine coming to work every day and not being sure where to sit. You don't have a desk — instead, you need to figure out what's ahead in your day and what type of space you need, and then find a spot. Source
  • Is your condo board above board? Tips for evaluating condo governance

    Economic CBC News
    Condominium governance is in the spotlight after an investigation by CBC Toronto reporters unveiled questionable practices at a series of downtown Toronto buildings. Owners and property managers in those buildings say a group of people have aggressively sought control of the boards and budgets of multiple condos. Source
  • Hong Kong cops arrest 21 Uber drivers in latest crackdown

    Economic CTV News
    Hong Kong police launched a fresh crackdown Tuesday on Uber, arresting 21 drivers suspected of working for the ride-hailing giant in the Asian financial centre. It's the latest regulatory headache for Uber, which already is fighting a similar case in Hong Kong. Source
  • Hong Kong police arrest 21 Uber drivers in latest crackdown

    Economic CTV News
    Hong Kong police launched a fresh crackdown Tuesday on Uber, arresting 21 drivers suspected of working for the ride-hailing giant in the Asian financial centre. It's the latest regulatory headache for Uber, which already is fighting a similar case in Hong Kong. Source
  • Asian stocks drift in wake of Manchester blast

    Economic CTV News
    TOKYO - Asian shares were mostly higher in early trading Tuesday after police said they were treating an explosion in Manchester, England, that killed at least 19 people as a terror attack. Oil prices fell back after Monday's rally. Source