Canadian Pacific Railway Ends Proxy Fight For Norfolk Southern

Shares of Norfolk Southern Corp. NSC were highly volatile on Tuesday after reports surfaced that Canadian Pacific Railway Limited CP plans on abandoning its proxy fight for Norfolk Southern. Norfolk Southern's stock was trading at an intra-day high of $73.29 on Tuesday before selling off to the $70 per share level on heavy volume.

BREAKING: Canadian Pacific Railway plans to abandon proxy fight for Norfolk Southern, mulling move to push $NSC into takeover talks - DJ

— CNBC Now (@CNBCnow) February 9, 2016

Norfolk Southern has rejected several offers to sell itself to Canadian Pacific. The reports also suggest that Canadian Pacific is "mulling" a move to push Norfolk Southern into takeover talks. Shares of Canadian Pacific were trading higher by around 1.63 percent at $123.84 following the report.