November 9, 2015 / 7:49 PM / 2 years ago

Canadian Pacific explores takeover of Norfolk Southern - Bloomberg

1 Min Read

Nov 9 (Reuters) - Canadian Pacific Railway Ltd is looking to acquire U.S. peer Norfolk Southern Corp, Bloomberg reported, citing people familiar with the matter.

Canada's second-largest railroad operator has already raised financing and held early-stage merger talks with Norfolk Southern, Bloomberg reported, citing two of the people. (bloom.bg/1ScVTK4)

Shares of Norfolk Southern rose 11.8 percent to $89 in afternoon trading, while Canadian Pacific's U.S.-listed shares were up 6.5 percent at $143.

Norfolk Southern had a market value of about $24 billion as of Friday close.

Canadian Pacific and Norfolk Southern could not be immediately reached for comment. (Reporting by Manish Parashar in Bengaluru; Editing by Sriraj Kalluvila)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below