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Tuesday, October 21, 2014

CP Rail CEO says unlikely to go hostile in bid for CSX, (NYSE: CSX)

The head of Canadian Pacific Railway Ltd, which ended talks to purchase CSX Corp this week, said on Tuesday it was unlikely to attempt a hostile deal for the No. 3 U.S. railroad operator. "I've learned never say never, but I can't contemplate any kind of hostile activity," said CP Rail Chief Executive Hunter Harrison on a conference call with analysts and media.Harrison, a North American rail industry veteran, said the two sides held three or four meetings about a possible tie-up. However, CP did not end up making any offer for CSX as the two companies "saw the world a little differently," he said.He said CP was not currently focusing on any other deals, but added that CP would consider it if any other opportunities emerged.

CSX Corporation (CSX), together with its subsidiaries, is a transportation supplier. Shares of CSX traded higher by 1.64% or $0.55/share to $34.06. In the past year, the shares have traded as low as $25.58 and as high as $34.09. On average, 6953440 shares of CSX exchange hands on a given day and today's volume is recorded at 10530704.