Canadian Pacific on March 29, 2016 filed its definitive proxy statement for its Norfolk Southern Corp. (NS) shareholder resolution asking NS’ Board of Directors to engage in good faith discussions with CP regarding a business combination. CP also filed a letter that will be sent to all NS shareholders about the opportunity to create significant value for NS shareholders.
Ann A. Adams has been named Vice President Human Resources at Norfolk Southern Corp., effective April 1, 2016. She succeeds Juan K. Cunningham, who retired earlier this year.
South Carolina Ports Authority (SCPA) on March 10, 2016 announced a significant enhancement to international intermodal rail service between the Port of Charleston and the Charlotte Regional Intermodal Facility at the Charlotte Douglass International Airport.
OmniTRAX, Inc., one of the largest privately held transportation services companies in North America and an affiliate of The Broe Group, and the Effingham County Industrial Development Authority (ECIDA) are developing a 2,700-acre tract near Rincon, Ga. The Savannah Gateway Industrial Hub, located 12 miles from the Port of Savannah and served by the CSX and Norfolk Southern railroads, is expected to attract manufacturers, processors, distributors and others.
On March 10, 2016, the Surface Transportation Board issued a decision, Docket No. FD 36004, “Canadian Pacific Railway Limited—Petition for Expedited Declaratory Order,” responding to CP’s March 2 petition, and setting a timeline for replies and CP’s rebuttal. Following is the full text:
Canadian Pacific on March 9, 2016 filed a preliminary proxy statement with the Securities and Exchange Commission (SEC) that outlines the shareholder resolution to be considered at the upcoming Annual Meeting of Norfolk Southern (NS) shareholders requesting that the NS board of directors “promptly engage in good faith discussions with CP regarding a business combination.”
The chasing by suitor Canadian Pacific of grand dame Norfolk Southern has reintroduced to the railroad chattering classes the nebulous term “public interest,” used often and broadly when mergers and other railroad maneuvers requiring regulatory approval are afoot.
The Georgia & Florida Railway, LLC (GFRR), an affiliate of OmniTRAX, Inc., “continues to make shipping by rail easy” with the implementation of Railinc’s Interline Settlement System (ISS) in partnership with Norfolk Southern, CSX Transportation and GE Transportation’s Digital Solutions business. ISS is the standard process in the rail industry to share revenue when two or more railroads handle a shipment. Additional OmniTRAX rail lines will convert to ISS in collaboration with the company’s Class I rail partners during the coming months.
Canadian Pacific on Tuesday, Feb. 16, 2016 announced it will seek a declaratory order from the U.S. Surface Transportation Board (STB) “confirming the viability of the voting trust structure that CP has suggested as part of its proposed merger with Norfolk Southern.”
Canadian Pacific on Thursday, Feb. 11, 2016 launched a new website, CPconsolidation.com, purporting the benefits of its proposed acquisition of Norfolk Southern. The website launch came two days after CP notified NS of its intent to submit a resolution to NS shareholders to ask their board of directors to engage in discussions with CP regarding a merger.