CP CEO says CSX ‘in play’

December 22, 2015

By Mark Basch, Contributing Writer, Financial News & Daily Record; Jacksonville, Florida, December 21, 2015

CSX Corp. last year rejected merger overtures from Canadian Pacific Railway Ltd., but now as the Canadian railroad pursues CSX rival Norfolk Southern Corp., its CEO suggested CSX is “in play” as a potential merger target.CPR Logo Smaller

Canadian Pacific has made offers over the past month to Norfolk Southern — and been rebuffed — so Canadian Pacific CEO Hunter Harrison held a conference call with analysts last week to make his case for a merger.

As he discussed Norfolk Southern, Harrison recalled his talks with CSX officials in October 2014.

“We got a signal from the board in Jacksonville that maybe we should visit and talk and so we did,” Harrison said, according to a transcript of the conference call posted by Canadian Pacific.Website Insert Passenger Trains Very Well copy

Harrison said he met with CSX for about two hours and found that CSX officials believed a merger would never get regulatory approval.

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