Canadian Pacific terminates efforts to buy Norfolk Southern

Mon Apr 11, 2016 7:39am EDT
 
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April 11 (Reuters) - Canadian Pacific Railway Ltd said on Monday it had terminated efforts to buy Norfolk Southern Corp, almost six months after it launched its unsolicited bid.

"We have long recognized that consolidation is necessary for the North American rail industry to meet the demands of a growing economy, but with no clear path to a friendly merger at this time, we will turn all of our focus and energy to serving our customers and creating long term value for CP shareholders," said Chief Executive Hunter Harrison said in a statement. (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)