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 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 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.
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 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, 2016
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 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.
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 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