Norfolk Southern sets annual meeting for May 12

Norfolk Southern Corp. will hold its annual meeting May 12, the Class I announced today in a notice filed with the U.S. Securities and Exchange Commission and in a letter addressed to NS employees.

At the meeting, NS shareholders will get the opportunity to vote whether they want the company to engage in merger discussions with rival Canadian Pacific.

In the letter to employees, NS Chief Executive Officer Jim Squires discusses the progress the company has made in its 5-year strategic plan to streamline operations and increase profit.

Squires also notes that employee shareholders may receive proxy materials from CP, and that the NS board recommends that shareholders vote against CP's resolution that will be presented at the meeting.

CP has made three acquisition offers to NS, which has rejected each one. Last month, CP submitted a resolution to NS shareholders to ask the NS board to meet with CP to discuss the merger proposal.