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Norfolk Southern Corp. said it is considering an  acquisition offer by Canadian Pacific Railway Ltd., worth at least $28.1 billion, that represents the first rail merger proposed since 1999.

The man brought in to run Canada’s second-biggest railroad likes to say one of his missions is to “make the assets sweat” — in other words, really put them to work. He could say the same about his investment bankers.

Canadian Pacific Railway, the second-largest railroad in Canada, is exploring a takeover of U.S. carrier Norfolk Southern Corp. in a fresh attempt to consolidate the North American industry, according to people familiar with the matter.

Canadian Pacific Railway cut its forecast for full-year revenue and earnings per-share growth while it seeks to control costs amid a decline in demand for commodities shipments.

Canadian Pacific Railway Ltd., foiled in a bid to merge with CSX Corp., reported third-quarter profit that missed analysts’ estimates as the carrier spent more on stock-based compensation.

Canadian Pacific Railway Ltd. said talks about a possible merger with CSX Corp. have ended and no further conversations are planned.

Canadian Pacific Railway Ltd. is pursuing a merger with third-largest U.S. railroad CSX Corp., multiple news services reported, that would be the first such combination of major railroads in 15 years.

Canadian Pacific Railway’s megamerger ambition may whet the industry’s appetite for deals.

Canadian freight railroad Canadian Pacific’s fourth-quarter net income rose to C$82 million, or 47 Canadian cents per share, from C$15 million, or 8 cents, a year earlier.