Canadian Pacific said Monday that it is ending its nearly $30 billion takeover bid for Norfolk Southern, less than six months after it offered to buy the rival railroad.
Norfolk Southern had rejected Canadian Pacific's bids, saying that the Calgary, Canada-based railroad needed to raise its offer and convince a rail regulator that a deal should be approved.
Canadian Pacific CEO E. Hunter Harrison said Monday that there was "no clear path to a friendly merger at this time."
(Frank Gunn/The Canadian Press via AP, File)A deal would have expanded Canadian Pacific's rail network across the U.S.
Canadian Pacific operates railroads in Canada and parts of the U.S. Midwest and South, while Norfolk Southern of Norfolk, Virginia, operates railroads along the East Coast, Midwest and South. Canadian Pacific first offered to buy Norfolk Southern in November.
Shares of Norfolk Southern Corp. slipped 98 cents, or 1.4 percent, to $80.50 in premarket trading an hour before the stock market open Monday. Shares of Canadian Pacific Railway Ltd. were unchanged.