Calgary Alberta - Canadian Pacific has proposed a takeover of U.S. railway Norfolk Southern that would create the largest rail company in North America.
 
CP "sent an offer letter to Norfolk Southern Corp. (NS) proposing a business combination that would create a transcontinental railroad with the scale and reach to deliver improved levels of service to customers and communities while enhancing competition and creating significant shareholder value," the company said in a release after stock markets closed Tuesday.
 
The release didn't specify what CP was offering to purchase Norfolk's outstanding shares.
 
The merger would create the largest rail network in North America, with more than 56,000 kilometres of track, and give the company access to three tidewater areas on the Gulf of Mexico, the Atlantic coast, and the Pacific coast in B.C.
 
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