Canadian Pacific Railway Ltd. (CP Railway) has abandoned plans to take over rival Norfolk Southern Corp. following significant resistance from shippers, trade associations, government agencies and the prospective company itself."We have long recognized that consolidation is necessary for the North American rail industry to meet the demands of a growing economy, but with no clear path to a friendly merger at this time we will turn all of our focus and energy to serving our customers and creating long-term value for CP shareholders," CP Railway chief executive officer Hunter Harrison said in a statement.
展开▼
