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CP appeals to NS shareholders

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World Coal,

Canadian Tier 1 railway, Canadian Pacific (CP), has filed its definitive proxy statement for its Norfolk Southern (NS) shareholder resolution asking the NS board to “engage in good faith discussions with CP regarding a business combination.” The filing is the latest round in CP’s ongoing battle to merge with its larger US rival.

In response, the NS board has filed a counter statement calling the CP proposal “unnecessary”, as NS would have discussions with CP if the Canadian company obtains a declaratory order from the rail regulator, the Surface Transportation Board (STB), approving the proposed structure of the takeover, and states a willingness to “meaningfully increase its offer.”

“The NS board has refused to meet with us in the past, which ultimately led to our shareholder resolution,” said CP CEO, E. Hunter Harrison. “While we remain open to meeting with them anytime and anywhere, we are putting the question to the shareholders of NS so they can finally be heard. We continue to see tremendous opportunity and enormous potential in the proposed business combination.”

Harrison also said that CP was open to discussing “all terms of a potential deal, including price” and had already asked the STB for a declaratory order.

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