Canadian Pacific Willing to Boost Offer on Norfolk Mergerby
Canadian Pacific Railway Ltd. is willing to sweeten its $28 billion proposal to merge with Norfolk Southern Corp., Chief Executive Officer Hunter Harrison said in a Bloomberg Television interview.
While not giving an amount the deal could be increased, Harrison said Canadian Pacific is seeking to preserve its investment-grade rating. “If that gives you some form of cap, so be it,” he said.
Canadian Pacific plans to send an e-mail today to Norfolk management to request more talks, said Harrison, who met only once with Norfolk Southern CEO Jim Squires last week to discuss the proposal. A deal could take two years to finalize, Harrison said.