Post by Logan on Feb 5, 2016 4:50:52 GMT -6
Two New York congressmen are trying to derail Canadian Pacific Railway’s effort to buy Norfolk Southern.
Reps. Jerrold Nadler and Sean Patrick Maloney on Thursday sent a letter to the US Surface Transportation Board, saying a merger would have “very negative impacts for the rail shippers, communities and freight rail installations across the state of New York.”
Last year, Norfolk bought Canadian Pacific’s rail line that delivers freight to NYC. The Democratic lawmakers said that Norfolk was “restoring service levels to address shipper needs” — and Canadian Pacific would jeopardize its progress.
Their letter comes as Canadian Pacific’s hedge fund backer, Bill Ackman, weighs in during the next few weeks about whether to launch a proxy fight after Norfolk Southern rebuffed a takeover offer from Canadian Pacific. Ackman’s Pershing Square Capital declined to comment.
Read more: nypost.com/2016/02/04/ny-politicians-want-to-halt-major-rail-line-merger/
Reps. Jerrold Nadler and Sean Patrick Maloney on Thursday sent a letter to the US Surface Transportation Board, saying a merger would have “very negative impacts for the rail shippers, communities and freight rail installations across the state of New York.”
Last year, Norfolk bought Canadian Pacific’s rail line that delivers freight to NYC. The Democratic lawmakers said that Norfolk was “restoring service levels to address shipper needs” — and Canadian Pacific would jeopardize its progress.
Their letter comes as Canadian Pacific’s hedge fund backer, Bill Ackman, weighs in during the next few weeks about whether to launch a proxy fight after Norfolk Southern rebuffed a takeover offer from Canadian Pacific. Ackman’s Pershing Square Capital declined to comment.
Read more: nypost.com/2016/02/04/ny-politicians-want-to-halt-major-rail-line-merger/