Fri, Jan. 29, 5:28 PM
- Canadian Pacific Rail (NYSE:CP) has its first on-the-record allies in its attempt to acquire Norfolk Southern (NYSE:NSC), as oil and gas terminal operator Dakota Plains (NYSEMKT:DAKP) and three other rail customers have filed letters to the U.S. Surface Transportation Board in support of CP.
- CP's proposal “introduces a number of positive, future-focused ideas to vastly improve North America’s transportation network,” and a merger “would improve overall service while creating meaningful competition" among the biggest railroads, according to DAKP President Gabe Claypool.
- CP has maintained that merging with NSC would increase efficiency by creating a coast-to-coast railroad, reducing the need to exchange cars in congested hubs such as Chicago, and would wring out cost savings and improve service.
Dakota Plains Holdings, Inc. is engaged in developing and owning crude oil and related product transloading facilities, and the marketing and transporting of crude oil originating within the Williston Basin of North Dakota and Montana. The company holds interest in Pioneer Project. Dakota Plains... More
Sector: Basic Materials
Industry: Oil & Gas Equipment & Services
Country: United States
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