Turkey's Celebi Says It's Cooperating After India Revokes Clearance
'We are closely monitoring the situation and cooperating fully with the relevant authorities,' Çelebi said in a statement. 'We are following the process diligently and within the legal framework, in close cooperation with the relevant local authorities. To date, all our operations have been carried out in full compliance with regulations.'
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SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates CRGX, WAT, CORZ on Behalf of Shareholders
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An argument for the Union Pacific-Norfolk Southern merger, or the possible tie-up of BNSF and CSX, is that volumes across the industry have largely remained stagnant for years. While roughly 6.7 million carloads of goods started on Union Pacific's network last year, that number is down from 8.3 million in 2014. Volume has transferred to the trucking industry, which often has higher reliability and routing flexibility despite being more expensive. 'Ultimately, a merger of this scale could recapture market share from trucking and potentially reinvigorate a subsector that has faced stagnant or declining volumes the past two decades,' Jefferies analyst Stephanie Moore wrote in a note earlier this month. In their earnings this week, Union Pacific reported 4 percent carload volume growth, while CSX reported flat volume growth. A transcontinental railroad would potentially boost efficiency for shipments of goods, as it would cut down on interchanges—where one carrier hands rail cars off to a different carrier—which often add time to the shipping process. If either merger does take place, it would be the first since the Canadian Pacific Railway's $31 billion takeover of Kansas City Southern in 2023, which created the first railroad network that covered stops across Canada, the U.S. and Mexico. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
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As Union Pacific and Norfolk Southern Confirm Merger Talks, CSX Won't Rule Out M&A
Union Pacific and Norfolk Southern confirmed Thursday that they are engaging in 'advanced discussions' about a possible merger in a move that could potentially reshape the competitive dynamics of the U.S. railroad industry. That deal, which was first reported July 17, could make way for the first coast-to-coast cargo rail network and would combine the largest and fourth-largest railroad operators by market cap in the U.S. As of Friday, the combined value of both railroads reached north of $197 billion, which would far surpass the second-largest market cap of Canadian Pacific Kansas City's $70.8 billion. More from Sourcing Journal BNSF Tied to Possible CSX Takeover as US Rail Merger Chatter Grows Skechers Secures Legal Win to Move Forward on Acquisition Union Pacific and Norfolk Southern Reportedly Eyeing Merger In a statement, the Class I railroads stated that there are no guarantees as to whether an agreement for a transaction will be reached. The companies said they do not intend to make additional comments or provide an update on this matter unless and until they determine that disclosure is required or otherwise appropriate. A consolidation of both companies could also bring about a domino effect as Berkshire Hathaway-owned BNSF has also been reported to be seeking a potential railroad acquisition of its own. That railroad has not commented on the reports, with Berkshire CEO and chairman Warren Buffett denying the anecdote that BNSF and Goldman Sachs have been in contact. Analysts have largely speculated that CSX would be a target of BNSF, which competes with Union Pacific in many areas across the U.S. West Coast. Like the potential Union Pacific-Norfolk Southern deal, a BNSF-CSX fusion would bring together two railroads operating largely on the opposite sides of the Mississippi River, with little current network overlap. In an earnings call Thursday, CSX CEO Joseph Hinrichs didn't directly comment on the rail consolidation, but didn't appear to rule out an acquisition. 'We are absolutely focused on delivering shareholder value and are always open to anything that can help us achieve this objective,' Hinrich said. 'Customers are looking for railroads to provide better service, more reliable, dependable, repeatable…There's opportunity there throughout to work together with all the rail ecosystem to improve that.' According to a Reuters report released Thursday, the U.S. Surface Transportation Board (STB), the federal regulatory agency overseeing railroads, are already conducting preparatory work in anticipation of a possible two deals. Both Hinrichs and Union Pacific CEO Jim Vena praised President Donald Trump's appointment of STB chairman Patrick Fuchs back in January, on the premise of industry deregulation. The STB's tougher merger rules, adopted in 2001, required prospective buyers to prove a transaction will serve the public interest and still enhance competition—largely preventing such previous deals from occurring. But this could be put to the test in coming months. Following Trump's executive order to require federal agencies to review competition and regulatory barriers, the STB said Monday it would host a series of meetings to discuss updating its regulatory framework. The president still needs to fill the open fifth board seat on the STB, which currently consists of two Democrats and two Republicans. Jason Seidl, a TD Cowen senior analyst focused on rail, trucking and logistics, said in a recent research note that Union Pacific was unlikely to hire bankers for M&A purposes if they didn't get some form of acknowledgment from Washington ahead of time that the incoming appointee would be in favor of the transaction. An argument for the Union Pacific-Norfolk Southern merger, or the possible tie-up of BNSF and CSX, is that volumes across the industry have largely remained stagnant for years. While roughly 6.7 million carloads of goods started on Union Pacific's network last year, that number is down from 8.3 million in 2014. Volume has transferred to the trucking industry, which often has higher reliability and routing flexibility despite being more expensive. 'Ultimately, a merger of this scale could recapture market share from trucking and potentially reinvigorate a subsector that has faced stagnant or declining volumes the past two decades,' Jefferies analyst Stephanie Moore wrote in a note earlier this month. In their earnings this week, Union Pacific reported 4 percent carload volume growth, while CSX reported flat volume growth. A transcontinental railroad would potentially boost efficiency for shipments of goods, as it would cut down on interchanges—where one carrier hands rail cars off to a different carrier—which often add time to the shipping process. If either merger does take place, it would be the first since the Canadian Pacific Railway's $31 billion takeover of Kansas City Southern in 2023, which created the first railroad network that covered stops across Canada, the U.S. and Mexico. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
