CSX Gains 5% On Takeover Reports

Shares of CSX Corporation (NASDAQ: CSX) were trading higher by more than 5 percent early Wednesday morning after the Wall Street Journal reported on Tuesday the company has been approached by Canadian Pacific Railway Limited (NYSE: CP).

The Wall Street Journal, citing "people familiar with the matter," reported that Canadian Pacific initially made a bit to acquire CSX in 2014. The company initiated another approach to CSX in January, but the deal was refused for unspecified reasons.

However, The Wall Street Journal added that Canadian Pacific remains interested in pursuing a combination. Meanwhile, the company is still attempting to "woo" Norfolk Southern Corp. (NYSE: NSC) who also rejected various unwanted takeover bids due to valuation and regulatory concerns.