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CSX Corp’s stock surges on report of CP Rail takeover interest

CP Rail Chief Executive Officer Hunter Harrison said there would be benefits from a tie-up with CSX or the other major carrier in the eastern U.S., Norfolk Southern Corp.

CSX Corp. jumped as much as 8 per cent after the close of trading in New York, following a report that Canadian Pacific Railway Ltd. approached the U.S. railroad about a takeover in January and was rebuffed.

Shares rose to US$25.60 in the latest trade at 6:22 p.m. in New York after climbing as high as US$26.60, up from the closing price of US$24.64. CSX has declined 5 per cent this year through Tuesday’s close compared with a 3.2 per cent drop for the Standard & Poor’s 500 Index.

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