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

  • Enbridge spill east of Edmonton estimated at 10,000 litres of crude oil

    Economic CTV News
    CALGARY -- The National Energy Board says about 10,000 litres of light crude oil spilled Monday at a storage site east of Edmonton. Enbridge said that as of Tuesday morning, it had recovered almost all of the oil, which had leaked from a tank value in an industrial area of Strathcona County. Source
  • B.C. reports 64 pipeline benefit deals with 29 northern First Nations

    Economic CTV News
    VICTORIA - The British Columbia government says it has completed benefit agreements with 90 per cent of the eligible First Nations along four proposed natural gas pipeline routes across northern B.C. The Ministry of Aboriginal Relations says 64 natural gas pipeline benefits contracts have been signed with 29 First Nations and that most include initial financial payments worth over $1 million. Source
  • Disney CEO Bob Iger gets contact extension to July 2019

    Economic CTV News
    NEW YORK -- Disney CEO Bob Iger is getting a one-year contract extension. The Walt Disney Co. on Thursday ended any speculation that Iger would retire this year, extending contract to July 2, 2019. Source
  • Canada gets green light to join controversial China-led infrastructure bank

    Economic CTV News
    OTTAWA -- Canada has been approved to join a controversial new international infrastructure bank led by China. The Asian Infrastructure Investment Bank says Canada is among 13 applicants approved for membership in the bank by its board of governors. Source
  • Disney, Universal battle tax bills for Florida theme parks

    Economic CTV News
    ORLANDO, Fla. -- It takes a lot of land to accommodate Cinderella's castle, The Wizarding World of Harry Potter and Epcot's 11-country World Showcase -- and a hefty purse to pay the property taxes on it. Source
  • Saskatchewan reviewing whether charges warranted in 2016 Husky oil spill

    Economic CTV News
    REGINA - The Saskatchewan Ministry of Justice is reviewing whether charges are warranted against Husky Energy for its role in a major oil spill last summer. The department is reviewing Husky's response to alarms before the spill and the delay in shutting down the system. Source
  • Valeant CEO got US$63M in compensation

    Economic CTV News
    LAVAL, Que. -- Valeant Pharmaceuticals says its chairman and CEO received US$62.7 million in compensation for eight months of work last year, even as the Quebec-based drug giant reported a "disappointing" financial performance. In a proxy report ahead of its May 2 annual meeting, Valeant says Joseph Papa's compensation included US$42 million in stock awards, US$10 million in stock options, an US$8-million signing bonus and a salary of US$980,769 salary. Source
  • New Valeant Pharmaceuticals CEO got almost $63M US in compensation

    Economic CBC News
    Valeant Pharmaceuticals says its chairman and CEO received $62.7 million US in compensation for eight months of work last year, even as the Quebec-based drug giant reported a "disappointing" financial performance. In a proxy report ahead of its May 2 annual meeting, Valeant says Joseph Papa's compensation included $42 million US in stock awards, $10 million US in stock options, an $8-million US signing bonus and a salary of $980,769 US salary. Source
  • U.S. to recommend approval of Keystone XL: AP sources

    Economic CTV News
    WASHINGTON -- Senior U.S. officials say the State Department will recommend approval of the Keystone XL pipeline, clearing the way for the White House to formally approve it. Two officials say Undersecretary of State for Political Affairs Tom Shannon will issue the recommendation Friday. Source
  • Finance minister doesn't rule out future changes to capital gains taxes

    Economic CTV News
    Ottawa made no changes in the federal budget to the way capital gains are taxed, but Finance Minister Bill Morneau isn't completely ruling out changes in the future. When asked about possible changes to the way profits from selling off personal assets are taxed in the future, Morneau left the door open. Source