Luke Sharrett/Bloomberg News
CSX Corp. jumped as much as 8% after the close of trading in New York, following a report that Canadian Pacific Railway approached the U.S. railroad about a takeover in January and was rebuffed.
Shares rose to $25.60 in the latest trade at 6:22 p.m. in New York after climbing as high as $26.60, up from the closing price of $24.64. CSX has declined 5% this year through a March 1 close compared with a 3.2% drop for the Standard & Poor’s 500 Index.
Gary Sease, a spokesman for CSX, declined to comment on the March 1 report in the Wall Street Journal.
Marty Cej, a spokesman for Canadian Pacific, declined to comment beyond confirming that CEO Hunter Harrison said there would be benefits from a tie-up with CSX or the other major carrier in the eastern U.S., Norfolk Southern Corp.