M&A talks about Norfolk Southern Corp. (NYSE: NSC) and Canadian Pacific Railway Limited (USA) (NYSE: CP) have been circulating for a while now.

However, outsider sentiment has been mixed and downright hostile at times toward the proposed takeover, with investors such as Bill Ackman now waning their active-pursuit voicings over the past month and journalists claiming it may be "time to move on."

The story becomes more convoluted placed within the context of the three refuted attempts by Canadian Pacific and whispers of a hostile takeover. It's intriguing that amid all of the chatter, Canadian Pacific claimed it has received "overwhelming support" for the proposed acquisition, with shippers in support of the move outweighing those against by a margin of three to one, while other news outlets refute these claims.

UPS was reported as opposing the merger, and FedEx Corporation (NYSE: FDX) has now joining the opposition, according to the Chicago Tribune.

Related Link: UPS Opposed Merger Between Norfolk Southern, Canadian Pacific –DJ

FedEx None Too Happy

In a letter to Surface Transportation Board, FedEx expressed its negative sentiment toward the particular merger, "adding to a long list of shippers opposing the deal," reported Thomas Black, Chicago Tribune.

Within the letter, FedEx outlined how consolidation within rail would "lead to diminished service as well as higher shipping costs."

"FedEx Freight is concerned with what the landscape of the railroad industry would be following any potential merger," FedEx's letter continued, "and encourages the Surface Transportation Board to take a cautionary approach in reviewing any consolidation of Class I railroads."

At The Time Of This Writing…

Canadian Pacific was trading up 2.8 percent on the day at $125.39.

Norfolk Southern was trading up 1.44 percent at $78.11.

FedEx was trading up 1.16 percent at $145.53.