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Norfolk Southern (NSC) Stock Slipping as Canadian Pacific Ends Pursuit

NEW YORK (TheStreet) -- Shares of Norfolk Southern (NSC - Get Report) are down by 0.91% to $80.75 in pre-market trading on Monday, after it was announced by rival Canadian Pacific (CP) that it will end its efforts to buy the freight railroad company.

Canadian Pacific offered to acquire Norfolk Southern about six months ago for nearly $30 billion, but has ceased its efforts citing Norfolk's resistance to the merger.

"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...