The Globe and Mail reports in its Tuesday edition that Canadian Pacific Railway and CSX are no longer exploring a possible business combination. The Globe's Bertrand Marotte writes that CP says no more talks are planned. Mr. Marotte says CP chief executive officer Hunter Harrison, however, is not done kicking the steel wheels of North American railway players. Canaccord analyst David Tyerman says, "CP continues to believe there may be the potential for rail M&A." The regulatory hurdles to a takeover of a large United States rail company are high. CP said Monday, "While regulatory concerns appear to be a major deterrent for many railroads considering combinations, CP believes that given the right structure between the right players, and having thoughtful considerations and remedies to address shipper concerns, regulatory approvals are achievable." Robert Baird & Co. analyst Ben Hartford says there are major barriers to mergers between the big North American railways given the generally unfavourable view of such deals by the U.S. Surface Transportation Board, which regulates the industry. Independent analyst Anthony Hatch says the timing for a big acquisition right now is not good.