It added that it was unclear if Canadian Pacific has shelved the plan. Canadian Pacific spokesman Martin Cej and CSX spokeswoman Melanie Cost both told Reuters their companies do not comment on market rumors. Canadian Pacific, Canada’s No. 2 railway by revenue, has a market value of about $32 billion, while Florida-based CSX, the No. 3 U.S. Activist investor William Ackman is on Canadian Pacific’s board and his hedge fund has a big stake in the company.