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Canadian Pacific Railway Reportedly Ends Proxy Fight For Norfolk Southern

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Canadian Pacific Railway Reportedly Ends Proxy Fight For Norfolk Southern
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Shares of Norfolk Southern Corp. (NYSE: NSC) were highly volatile on Tuesday after reports surfaced that Canadian Pacific Railway Limited (NYSE: CP) plans on abandoning its proxy fight for Norfolk Southern.

Norfolk Southern's stock was trading at an intra-day high of $73.29 on Tuesday before selling off to the $70 per share level on heavy volume.

Norfolk Southern has rejected several offers to sell itself to Canadian Pacific.

The reports also suggest that Canadian Pacific is "mulling" a move to push Norfolk Southern into takeover talks.

Shares of Canadian Pacific were trading higher by around 1.63 percent at $123.84 following the report.

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