Canadian Pacific continues to court Norfolk Southern with the CEOs of the two companies reportedly having met on Friday to discuss the idea.
The Wall Street Journal reported that in meeting with NS CEO James Squires CP head Hunter Harrison outlined a variety of scenarios ranging from a merger to some form of partnership.
The newspaper said that Squires was cool to Harrison’s ideas and that CP may take its merger proposal public in order to pressure NS.
The CP board of directors decided last year to expand the company through acquisitions. In 2014, CP approached CSX about a merger, but was spurned.
The Journal said it was unable to learn of any specific terms that Harrison proposed to Squires but that it is possible that no deal will be reached.
A merger of NS and CP would create a railroad with a combined market value of $47 billion.
Of late, NS stock has been trending downward in trading, having lost 33 percent of its value since a 52-week high of $117.64 per share.
NS stock closed on Friday at $88.96 per share.