CP to Back Away From NS Proxy Fight

February 9, 2016

By Frederic Tomesco and Scott Deveau, Bloomberg Business

Canadian Pacific Railway Ltd. is moving away from a proxy fight for Norfolk Southern Corp. but still plans to pursue a takeover of the U.S. carrier, a person familiar with the plan said.Website Insert Out of the Box Thinking copy

Canada’s second-largest railroad likely won’t present an alternative slate of directors at Norfolk Southern’s annual meeting, said the person, who asked not to be identified because the deliberations haven’t been made public. Instead, Canadian Pacific will probably request a nonbinding resolution on the ballot which would ask the Norfolk Southern board to start talks, the person said Tuesday.

Canadian Pacific Chief Executive Officer Hunter Harrison is due to speak at an investor conference in Coral Gables, Florida, on Wednesday afternoon, and may make an announcement regarding Norfolk Southern then, the person said. Representatives for Norfolk Southern and Canadian Pacific declined to comment on the plans, which were reported earlier by Dow Jones.

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