CALGARY — Canadian Pacific Railway Ltd. (TSX:CP) has released details of its 50-50 stock-and-cash offer to buy U.S. railway Norfolk Southern Corp. valued at about US$28 billion. The Canadian railway says Norfolk Southern shareholders would receive US$46.72 in cash and 0.348 of a share in a new company which would own both railways for each share they hold. The deal would see Norfolk Southern shareholders own a 41 per cent stake in the combined company which would be listed on both the New York and Toronto Stock Exchanges. Canadian Pacific confirmed Tuesday that it had made an offer to buy the U.S. railway, but did not initially release details of its proposal. In a letter to Norfolk Southern CEO James Squires dated last week, CP says the deal could result in more than US$1.8 billion in annual operating synergies Norfolk Southern has acknowledged it received the "unsolicited, low-premium, non-binding and highly conditional indication of interest" and says it will evaluate it.