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House Transportation and Infrastructure Committee Chairman Bill Shuster (R-Pa.) yesterday welcomed Canadian Pacific's decision to terminate its six-month attempt to merge with Norfolk Southern Corp.
CP officials announced yesterday that the company has ended its merger attempt and will withdraw its resolution calling for NS shareholders to vote in favor of negotiations between the companies.
"This merger was not in the best interests of the country, the U.S. freight transportation system, railroad employees, rail shippers, and short line railroads, and I am glad that Canadian Pacific heard that message and decided to move on," said Shuster in a prepared statement. "The railroads should now focus on improving the movement of goods to continue our economic growth."
CP's decision follows recent statements by U.S. government officials – including at the Department of Justice and Department of Defense — who expressed concerns about the proposed merger.