Canadian Pacific Railway Ends Proxy Fight For Norfolk Southern

Shares of

were highly volatile on Tuesday after reports surfaced that

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.