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Canadian rail company eyes takeover of U.S. rival

Rail company Canadian Pacific makes unsolicited bid for U.S. rival Norfolk Southern. Photo by Steven Frame/Shutterstock CALGARY, Alberta, Nov. 18 (UPI) — Rail company Canadian Pacific said it made an offer to U.S. rival Norfolk Southern Corp. to join forces to create a new transcontinental transit entity. Canadian Pacific said it was "proposing a business combination that would create a transcontinental railroad with the scale and reach to deliver improved levels of service to customers and communities while enhancing competition and creating significant shareholder value." Merging the two rail companies would create a network stretching to the southern U.S. border and across most of Canada . The industry, following its peers in the oil and gas pipeline sector, has faced challenges because of a decrease in coal shipments and changing needs for oil and gas transit. Last week, industry research group Genscape said leasing rates for rail car model […]

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