CP says CSX, NS both merger targets

March 10, 2016

CP’s CEO says CSX and Norfolk Southern ‘both work’ as merger targets

By Allison Lampert, Reuters

Canadian Pacific Railway Ltd (CP.TO) Chief Executive Officer Hunter Harrison on Wednesday said CSX Corp (CSX.O) has several strengths as a merger target, but stressed that he never made a formal offer for the U.S. railroad. Website Insert Perfect Answer copy

CP, which launched a $28 billion bid in November to merge with U.S. railroad Norfolk Southern Corp (NSC.N), could make an equal case for CSX, Harrison told the J.P. Morgan Aviation, Transportation & Industrials Conference in New York.

“They would both work for us.”

Harrison acknowledged that CP had made mistakes in its bid for Norfolk Southern, which the railroad’s board of directors has repeatedly rejected.

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