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Article: Canadian Pacific seeks to buy CN North America eastern lines. (Brief Article)
- Article from:
- Railway Age
- Article date:
- August 1, 1994
CopyrightCOPYRIGHT 1994 Simmons-Boardman Publishing Corporation. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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With merger talks going nowhere, Canadian Pacific Limited is now ready to purchase the eastern rail operations of CN North America in order to put in place a single railway system east of Thunder Bay, Ont., and Chicago. The two systems have been discussing a merger since February, in an attempt to resolve problems (mainly associated with over-capacity) that have resulted in combined losses for the two railways of about $2 billion over the last five years. Talks broke down over differences in the way the companies valued their assets and operations.
Ian Barry Scott, chairman and CEO of CP Rail System, advised Paul Tellier, president and CEO of CN North America, of ...