Dakota Plains Holdings, Inc.NYSEMKT
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.