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A CSX freight train plows its way past the Cemetery Rd. overpass in Lancaster, N.Y. Wednesday, Nov. 19, 2014.

Gary Wiepert/The Associated Press

CSX Corp. jumped as much as 8 per cent after the close of trading in New York Tuesday, following a report that Canadian Pacific Railway Ltd. approached the U.S. railway about a takeover in January and was rebuffed.

Shares rose to $25.60 (U.S.) in the latest trade at 6:22 p.m. in New York after climbing as high as $26.60, up from the closing price of $24.64. CSX has declined 5 per cent this year through Tuesday's close compared with a 3.2-per-cent drop for the Standard & Poor's 500 Index.

By midday on Wednesday, the shares were up 1.4 per cent at $25 in New York.

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Gary Sease, a spokesman for CSX, declined to comment on Tuesday's report in the Wall Street Journal. Marty Cej, a spokesman for Canadian Pacific, declined to comment beyond confirming that chief executive officer Hunter Harrison said there would be benefits from a tie-up with CSX or the other major carrier in the eastern U.S., Norfolk Southern Corp.

CP made three offers last year to buy Norfolk Southern and all were rejected as "grossly inadequate" and carrying regulatory risk. Harrison has said a merger with an eastern U.S. railway would create a transcontinental service that would be more efficient and reduce costs.

In 2014, Harrison held talks with CSX CEO Mike Ward, who batted down the idea of a merger.

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