Deals
Ackman Doubts Buffett's BNSF Can Make Competitive Norfolk Offer
- `The only currency they have to offer is cash,' Ackman says
- Hedge fund manager says Harrison can help improve Norfolk
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Warren Buffett will be hard-pressed to top Canadian Pacific Railway Ltd.’s bid for Norfolk Southern Corp. because the billionaire’s BNSF Railway lacks the management depth to make enough improvements at the target company, hedge fund manager Bill Ackman said.
Ackman, whose Pershing Square Capital Management is Canadian Pacific’s biggest shareholder, opened a new, personal front in the takeover effort as the Calgary-based company presented a sweetened offer. With his comments, he jabbed at BNSF Executive Chairman Matt Rose’s assertion last week that he would be open to a competing bid.