Canadian Pacific Approached CSX About Merger Deal
CSX Rebuffed Approach, Which Came in Past Week
Canadian Pacific Railway Ltd. CP.T -4.69% has approached CSX Corp. CSX -2.57% about a combination that would unite two of North America’s largest railroad operators, according to people briefed on the matter.
The overture, made in the past week, was rebuffed, the people said, and it is unclear whether the Canadian company has shelved the effort.
A deal between the two companies would give rise to an industry giant with a combined current market value of some $62 billion and, potentially, an increased ability to take advantage of the North American energy boom.