Canadian Pacific Seeing 'Overwhelming Support' From Shippers For Its Proposed Acquisition Of Norfolk Southern

Canadian Pacific Railway Limited (NYSE: CP) said on Thursday that it has received "overwhelming support" from its customers for its proposal to acquire Norfolk Southern Corp. (NYSE: NSC).

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Canadian Pacific noted that it has received over 80 letters of support from its clients that support a potential acquisition of Norfolk. The company added that 62 of these letters have been posted to the Surface Transpiration Board's website. In fact, the number of letters from shippers in support of the proposed transaction outnumber those who are against by a margin of 3 to 1.

"CP is committed to providing the best service at the best price," said Keith Creel, CP's President and COO. "Change is necessary to support continued economic growth, and continued growth in the U.S. economy is dependent on North American rail service meeting current and future demand. Without the ability to add infrastructure or build more track, options to increase capacity are becoming limited."