Norfolk Southern, CSX Say They Won't Make 2018 Deadline for Train-Control Safety System
CSX Corp. and Norfolk Southern Corp. told the Federal Railroad Administration they won't make the 2018 deadline for full implementation of positive train control.
Norfolk Southern to Cut 2,000 Jobs as Part of Streamlining Plan
Norfolk Southern Corp. reported Jan. 27 that fourth-quarter profit fell 29% from the same period a year ago and its yearly profit for 2015 was off by nearly as much — down 20% from a year earlier.
Canadian Pacific to Shift Strategy in Bid for Norfolk Southern
Canadian Pacific Railway Ltd., concerned that mounting political pressure may scuttle its proposed stock-and-cash bid for Norfolk Southern Corp., plans to change strategy to sway lawmakers and reverse the momentum.
Declining Coal Use Pressures Railroads
Pressures facing American railroad companies have led Norfolk Southern Corp. to engage in an “ongoing drive to enhance operating efficiencies,” raising questions about the future of its Moraine, Ohio, rail yard.
Norfolk Southern Consolidates as Coal Volume Drops
Norfolk Southern Corp. said it will consolidate two of its operating divisions and idle portions of a 253-mile line in Ohio and West Virginia to lower costs and boost efficiency in the face of declining traffic on its coal shipping network.
January 13, 2016Norfolk Southern Finds Allies in Spurning Canadian Pacific Takeover Bid
Norfolk Southern Corp. is gaining political and customer support for rejecting Canadian Pacific Railway Ltd.’s takeover bid, which could make it harder for the Canadian company and investor Bill Ackman to wage a proxy fight.
Two House Democrats Urge Rejection of Canadian Pacific Bid for Norfolk Southern
Two senior Democrats in the U.S. House of Representatives urged federal regulators on Jan. 6 to reject any acquisition bid for railroad operator Norfolk Southern Corp. by Canadian Pacific Railway Ltd.
Norfolk Southern Customers Lobby Regulators Against Canadian Pacific Bid
Industry groups representing major freight customers of Norfolk Southern Corp. have asked the U.S. rail regulator to reject any bid for the railroad by Canadian Pacific Railway Ltd., according to letters viewed by Reuters.
Norfolk Southern Turns Down Third Acquisition Offer, Calling Canadian Pacific’s Bid ‘Grossly Inadequate’
Canadian Pacific Railway Ltd. is weighing options such as a proxy fight after Norfolk Southern Corp.’s board of directors for the third time rejected an acquisition offer as “grossly inadequate” and unlikely to pass regulatory muster.
Norfolk Southern Again Rejects Canadian Pacific Acquisition Offer
Norfolk Southern Corp. for the third time rejected an acquisition offer from Canadian Pacific Railway Ltd., saying the latest proposal also was ” grossly inadequate” and “creates substantial regulatory risks and uncertainties that are highly unlikely to be overcome.”
December 23, 2015