Canadian Pacific offers to buy Norfolk Southern

Tue Nov 17, 2015 4:29pm EST
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Nov 17 (Reuters) - Canadian Pacific Railway Ltd <CP.N > said it has offered to buy Norfolk Southern Corp to create a transcontinental railroad.

The proposal includes a "sizable premium in cash and stock" to Norfolk shareholders, Canadian Pacific said, without specifying a deal value.

Norfolk Southern has a market value of about $26.36 billion. (Reporting by Manish Parashar in Bengaluru; Editing by Don Sebastian)