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Norfolk Southern Corp. soundly rejected Canadian Pacific Railway Ltd.’s $28 billion merger proposal, labeling the offer “grossly inadequate and not in the best interests of shareholders.”

Weekly U.S. intermodal rail traffic dropped 1.7% from the same period last year, the Association of American Railroads reported.

New trailer orders totaled 33,400 in October, the second strongest figure in 2015 despite dropping 30% from the same month a year earlier, which was the highest on record, ACT Research reported.

Package carrier DHL Express on Nov. 19 announced a 4.9% average rate increase for U.S. customers next year, matching the direction of package pricing adjustments by UPS Inc. and FedEx Corp.

Canadian Pacific Railway Ltd. last week presented Norfolk Southern Corp. with an acquisition offer worth at least $28.1 billion, rekindling the fires of rail consolidation that have been dormant since 1999.

Weekly U.S. intermodal rail traffic declined for the fourth consecutive week from the same period last year, according to the Association of American Railroads.

The National Association of Manufacturers is urging transportation leaders to quickly advance a multiyear highway reauthorization bill that boosts investments in freight transportation, and trucking productivity.

Triton Container International and TAL International Group have agreed to a merger, creating the world’s largest lessor of intermodal shipping containers with a combined fleet of nearly 5 million 20-foot equivalent units and revenue earning assets of $8.7 billion.