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Rail operator Norfolk Southern rejects peer Canadian Pacific's bid

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Published Sun, Dec 6, 2015 · 09:50 PM

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    New York

    CANADIAN Pacific has been rebuffed in an ambitious attempt to buy a large railroad operator, showing again the regulatory hurdles to rail-carrier consolidation.

    Norfolk Southern said on Friday that its board had rejected Canadian Pacific's US$28 billion offer, which was made last month, saying that it undervalued Norfolk Southern and that the chance for achieving regulatory approval was too low.

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