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Canada: CSX rebuffed $20 billion Canadian Pacific merger offer

 |  March 2, 2016

Canadian Pacific Railway which is pressing an unwanted takeover bid for Norfolk Southern Corp., recently revived a $20 billion-plus effort to combine with CSX Corp. in the latest sign of its eagerness to bring consolidation to the industry.

Canadian Pacific made a fresh approach to CSX in January, according to people familiar with the matter and Canadian Pacific Chief Executive Hunter Harrison. Though the approach was rebuffed, Canadian Pacific remains interested, they said.

The western-focused railroad sees value in combining with Norfolk Southern or CSX, given the stronghold each has in the eastern US Although Canadian Pacific remains committed to its about $30 billion bid to acquire Norfolk Southern, the Canadian company is determined to build a transnational railway and wants to keep its options open, Hunter said when reached for comment Tuesday.

Full content: MarketWatch

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