TTD Statement on the Termination of Canadian Pacific’s Hostile Takeover Bid for Norfolk Southern
As published in the American Journal of Transportation
WASHINGTON, DC – Edward Wytkind, president of the Transportation Trades Department, AFL-CIO (TTD), issues this statement in response to the announcement by Canadian Pacific that it is terminating a hostile takeover bid for Norfolk Southern:
“We are pleased that Canadian Pacific has ended its ill-advised hostile takeover bid for Norfolk Southern. In February, the Executive Committee of the Transportation Trades Department, AFL-CIO urged regulators to reject “merger schemes” that harm the economy, freight service, safety and the public interest, and slash middle class rail jobs. Canadian Pacific’s plan failed on every count. On Friday we continued to speak out against this transaction with a filing before the Surface Transportation Board. We will now turn our attention to ensuring that America’s freight railroads continue to be an engine for middle class job growth and economic expansion.”