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Actionable news in CP: CANADIAN PACIFIC RAILWAY,

Ackman-Backed Canadian Pacific Ends Effort to Buy Norfolk

Canadian Pacific Railway Ltd. ended efforts to buy Norfolk Southern Corp. after the U.S. carrier rejected several proposals and opposition mounted to the merger plan backed by investor Bill Ackman.

“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,” Canadian Pacific Chief Executive Officer Hunter Harrison said in a prepared statement Monday. The company said it had withdrawn a resolution asking Norfolk Southern shareholders to vote in favor of negotiations...


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