IN what some industry observers believe may be a final attempt - short of a proxy battle - by hedge fund manager Mr Bill Ackman at a hostile takeover of Norfolk Southern (NS), Canadian Pacific (CP) notified NS on February 9 of its intent to submit a resolution to NS shareholders "to ask their board of directors to engage in good faith discussions with CP regarding a business combination transaction."
IT's been a long time since the last merger between two North American Class 1 railways - the carving up of Conrail between CSX and Norfolk Southern in the late 1990s being the most recent example. But Canadian Pacific (CP), under the stewardship of its capable but controversial CEO Mr Hunter Harrison, goes into 2016 looking for a combination with another Class 1, and after failing to reach a deal with CSX at the end of 2015 has Norfolk Southern (NS) firmly in its sights.
NORFOLK Southern (NS) has all-but rejected a $US 28.4bn takeover offer from rival Class 1 railway Canadian Pacific (CP), which was made public on November 17, calling it "low-premium" and stating that it would face difficulties securing regulatory approval.
NORFOLK Southern (NS) informed its customers on October 20 that it will no longer accept shipments of poisonous inhalation hazard (PIH) commodities from December 1, and that passenger trains operated by Amtrak, Virginia Railway Express, and Chicago's Metra will be banned from its infrastructure from December 31.
Positive Train Control has been a generational challenge for the US freight railways consuming billions of dollars and millions of man hours in the race to reach the federally-mandated deadline for implementation, which is just two months away. However, with the programme well behind schedule there is still considerable uncertainty over what will happen after the clock strikes midnight on December 31, as Keith Barrow explains.