, Columnist
Ackman's Train Deal Runs Out of Track
Canadian Pacific's pursuit of Norfolk Southern was doomed from the start.
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The railroad deal that never was is officially not happening.
Canadian Pacific, the $21 billion railroad backed by Bill Ackman, announced on Monday that it's calling off efforts to strike a merger with its American counterpart Norfolk Southern. It's a bit of a formality really after a series of underwhelming and increasingly desperate-looking bids elicited only a cold shoulder from Norfolk Southern. Canadian Pacific had planned to submit a resolution simply calling for ``good-faith discussions'' at Norfolk Southern's annual meeting next month, but even that looked like a moon-shot endeavor because of huge doubts on whether a deal for the $24 billion U.S. railroad could get regulatory approval.