Canadian Pacific Railway Ends Proxy Fight For Norfolk Southern

Shares of

(NYSE:

) were highly volatile on Tuesday after reports surfaced that

(NYSE:

) 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.