Norfolk Southern CEO says rail mergers won't work

SHARE Norfolk Southern CEO says rail mergers won't work

OMAHA, Neb. — Norfolk Southern Corp.’s CEO doesn’t think railroad mergers are a good idea even if regulators might approve one.

CEO Wick Moorman said Tuesday during a conference call on Norfolk’s Southern’s quarterly results that he doesn’t think railroad mergers “make sense at this time.”

The idea of a rail merger has been on investors’ minds lately because Canadian Pacific approached CSX about a possible deal. CP officials said Tuesday that talks fell apart after several meetings.

CP said it also considered approaching Norfolk Southern.

Canadian Pacific CEO says rail deal possible

Moorman said past railroad mergers have been difficult to integrate and service suffered afterward. He said there’s also less of a financial incentive for mergers because there aren’t many redundant routes or facilities.

Moorman also said regulators could eliminate any benefits to a merger by imposing restrictions.

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