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)