Canadian Pacific Railway Ltd is still open to a merger with one of the two bigger eastern U.S. carriers even after talks with CSX Corp failed, though a hostile bid is unlikely, Chief Executive Hunter Harrison said on Thursday.CP, Canada's No.2 railway with extensive operations in the U.S., said on Monday it ended merger talks with CSX. Harrison says creating a new transcontinental railroad could improve congestion around Chicago, where east- and west-based railways meet and hand off cargo, a process that can take days."We had some fascinating conversations about the potential, but it became evident that we saw the world a little differently, which is fine," Harrison, 69, told a conference call on Tuesday after CP reported higher third-quarter earnings and revenue that fell short of analysts' expectations.Any deal between CP and CSX, the No. 3 U.S. railway, would likely have faced tough regulatory barriers and alarmed customers. Norfolk Southern Corp is the other of the two bigger U.S. railways based east of Chicago.
CSX Corporation (CSX), together with its subsidiaries, is a transportation supplier. Shares of CSX traded higher by 2.06% or $0.69/share to $34.20. 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 13051141.
Norfolk Southern Corporation (Norfolk Southern) is a Virginia based company that controls a railroad, Norfolk Southern Railway Company. Shares of NSC traded higher by 2.6% or $2.78/share to $109.85. In the past year, the shares have traded as low as $79.41 and as high as $113.50. On average, 1651530 shares of NSC exchange hands on a given day and today's volume is recorded at 2320682.
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