CP Approaches CSX

March 3, 2016

By JAMES DETAR, Investor’s Business Daily

Determined to establish a transcontinental railroad, Canadian Pacific (CP) has reportedly again gone shopping for a bigger fish — in the form of a $20 billion deal with CSX (CSX) — and again had its offer rebuffed.Website Insert 5000 New Seats copy

News of the proposed merger comes on the heels of Canadian Pacific’s third offer for Norfolk Southern (NSC), which it approached in December with a $28 billion cash-and-stock deal. Norfolk rejected it, citing regulatory concerns about the merger, which would create North America’s third-largest railroad behind Union Pacific (UNP) and BNSF, which is owned by Warren Buffett-led Berkshire Hathaway (BRKB).

Reports said Canadian Pacific had previously approached CSX with a deal.

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