WASHINGTON, D.C. — A decision by Canadian Pacific Railway to back off an attempted takeover of Norfolk Southern Railroad drew the praise of West Virginia’s congressional delegation Tuesday.
“The executives at Canadian Pacific Railway recoiled after we exposed their history of cutting jobs to increase investor profits,” U.S. Senator Manchin said in a prepared statement. “I am pleased that we have been able to shed some light on the potentially devastating impacts of this acquisition, and that the company has ended this attempt to take over Norfolk Southern. This merger was not in the best interest of our state or our nation, and I am pleased that the company withdrew their plans to takeover Norfolk Southern.”
U.S. Senator Shelley Moore Capito said she’s glad the attempt has been “stopped in its tracks.”
“It was clear the merger would have hurt jobs, rail service and several ancillary industries in West Virginia,” Capito said.
“This hostile merger was a bad deal for West Virginia, and I am relieved that it will not be moving forward,” according to Third District Congressman Evan Jenkins. “However, the war on coal continues to cost West Virginia jobs, as we are seeing at Norfolk Southern’s division in Bluefield. I am committed to fighting to protect our jobs and to stopping the job-killing regulations coming out of Washington.”
First District Congressman David McKinley called the announcement “good news for our local economy and the workers of West Virginia.”
Manchin, Capito, McKinley and Jenkins sent a joint letter to the leaders of the U.S. Surface Transportation Board urging a full review of Canadian Pacific Railway’s proposal. Manchin also called for a Senate investigation.
Norfolk Southern has 990 workers and 430 retirees in the Mountain State.