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Sunday, October 12, 2014

Canadian Pacific approached CSX about merger - WSJ, (NYSE: CSX)

Canadian Pacific Railway Ltd has approached CSX Corp about merging the two North American railroad operators to create a transcontinental carrier worth more than $60 billion, according to the Wall Street Journal.The offer was made in the past week and was rebuffed, the newspaper said on Sunday, citing people briefed on the matter. It added that it was unclear if CP had shelved the plan.CP spokesman Martin Cej and CSX spokeswoman Melanie Cost told Reuters their companies did not comment on market rumors.Calgary-based CP has said it is interested in acquisitions as rail traffic surges on the back of the North American energy boom.

CSX Corporation (CSX), together with its subsidiaries, is a transportation supplier. Shares of CSX fell by 2.57% or $-0.79/share to $29.94. In the past year, the shares have traded as low as $25.28 and as high as $32.66. On average, 5822580 shares of CSX exchange hands on a given day and today's volume is recorded at 12252631.