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Jan 21 (Reuters) - Canadian Pacific Railway Ltd, the unwanted suitor of U.S. railroad Norfolk Southern Corp, reported a 29 percent decline in fourth-quarter profit as falling prices for commodities such as oil and coal hit freight volumes.
Canada's No. 2 railroad said its net income slipped to C$319 million ($220.9 million), or C$2.08 per share, in the three months ended Dec.31, from C$451 million, or C$2.63 per share, a year earlier.
Revenue slipped 4 percent to C$1.68 billion.
Canadian Pacific unveiled a $28 billion offer for Norfolk Southern in mid-November.
However, the No. 4 U.S. railroad has repeatedly rejected CP's advances, saying the proposed terms were "grossly inadequate" and that a deal would face substantial regulatory risks. CP says a merger would enhance competition and create new markets and options for customers across North America. ($1 = 1.4441 Canadian dollars) (Reporting by Swetha Gopinath and Allison Lampert; Editing by Ted Kerr)