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BNSF boss: CP-NS merger 'unnecessary' - faces too much opposition
THE Canadian Pacific takeover of Norfolk Southern is unlikely because it requires the ascent of investors, labour, customers and regulators, says Matt Rose, chairman and CEO of BNSF Railway.
Mr Rose said the industry "is a long way from any railroad needing to merge out of financial necessity", he told the Stifel Transportation and Logistics conference in Miami, reported American Shipper.
"I'm not against having two big transcontinental railroads, if that's that the four groups want," he said. "I just don't see the other three groups [aside from investors] being interested."
Canadian Pacific earlier this week shifted its tactics in its very public takeover attempt of Norfolk Southern.
It submitted a resolution to NS shareholders to ask the NS board to enter into negotiations rather than taking its US$30 billion stock-and-cash offer and engage in a proxy as it once threatened.Bloomberg reports that CP is ready to give up its takeover attempt if Norfolk Southern shareholders reject a resolution calling for merger talks. "We're making preparations that if we're not successful in entering a dialogue, that we're going to go back and focus on running" the railroad, CP chief executive Hunter Harrison said.
Mr Rose said the industry "is a long way from any railroad needing to merge out of financial necessity", he told the Stifel Transportation and Logistics conference in Miami, reported American Shipper.
"I'm not against having two big transcontinental railroads, if that's that the four groups want," he said. "I just don't see the other three groups [aside from investors] being interested."
Canadian Pacific earlier this week shifted its tactics in its very public takeover attempt of Norfolk Southern.
It submitted a resolution to NS shareholders to ask the NS board to enter into negotiations rather than taking its US$30 billion stock-and-cash offer and engage in a proxy as it once threatened.Bloomberg reports that CP is ready to give up its takeover attempt if Norfolk Southern shareholders reject a resolution calling for merger talks. "We're making preparations that if we're not successful in entering a dialogue, that we're going to go back and focus on running" the railroad, CP chief executive Hunter Harrison said.
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