Canadian Pacific and Canadian National both reacted positively Thursday evening to a Surface Transportation Board decision allowing CP to place Kansas City Southern into a voting trust as part of its merger plans. CP calls it a “critical milestone” in its bid, while CN says it is encouraged the voting trust that is part of […]
WASHINGTON – Federal regulators on Thursday approved Canadian Pacific’s request to put Kansas City Southern into a voting trust while their proposed $29 billion merger is under review. Canadian National, which has a dueling $33.7 billion unsolicited offer under review by the KCS board, also has asked the U.S. Surface Transportation Board to consider its […]
Citing blocked crossings, Iowa woman seeks to have CP move rail yard An Ottumwa, Iowa, woman has started a petition asking Canadian Pacific to move its railroad yard in the community because of blocked grade crossings that result nearby. KYOU-TV reports Trisha Rea, who works near the intersection of Blackhawk Road and North Quincy Avenue, […]
In Monday morning’s latest installment in the regulatory and public-relations efforts to boost their respective bids for Kansas City Southern, Canadian Pacific and Canadian National have each issued new press release. CP’s cites what it terms “mounting opposition” to the CN-KCS merger proposal, while CN has released an open letter to “the Kansas City Southern […]
OMAHA, Neb. — BNSF Railway corporate parent Berkshire Hathaway is closely watching the battle for Kansas City Southern. Canadian Pacific and Canadian National have dueling bids in place for the smallest Class I railroad, with an eye toward creating the first system to link Canada, the U.S., and Mexico. “Either of those companies acquiring Kansas […]
Canadian Pacific tells STB CN-KCS deal should not receive waiver from 2001 merger rules Canadian Pacific has asked the Surface Transportation Board to rule the proposed merger of Canadian National and Kansas City Southern does not qualify for a waiver from more stringent merger rules adopted in 2001. The STB has already granted that waiver […]
KANSAS CITY, Mo. — The Kansas City Southern board of directors will have to weigh dueling bids for the railway, pitting Canadian Pacific’s friendly $29 billion deal against Canadian National’s unsolicited $33.7 billion offer. Analysts say that CP’s bid, while lower, is almost certain to gain regulatory approval. CN’s bid is more attractive for investors, but […]
Canadian Pacific CEO Keith Creel yesterday told a shipper group that his railroad can’t win a bidding war for Kansas City Southern. Creel also wouldn’t rule out cooperating with Canadian National and KCS on some level, and said that if CN and KCS were to merge, leaving CP as the smallest Class I railroad, CP […]
Grain train on the prairie A Canadian Pacific GP9 switches the grain elevator at Headingley, Manitoba, in August 1980. In this time of transition, the cars to be loaded are a mix of cylindrical covered hoppers and boxcars. John Uckley […]
CP says its voting-trust proposal for KCS should be subject to different standards than CN proposal In its latest argument against Canadian National’s competing bid for Kansas City Southern, Canadian Pacific says CN is wrong to argue that the CN and CP proposals for placing KCS in a voting trust should be judged by the […]
MONTREAL — Canadian National could finalize a merger deal with Kansas City Southern in the next 30 to 40 days, executives said today. With the KCS board agreeing over the weekend to consider CN’s unsolicited $33.7 billion merger offer, CN tomorrow will begin poring over confidential KCS data and negotiating a final merger agreement. Rival […]
CALGARY, Alberta — A combined Canadian National and Kansas City Southern system would reduce railroad competition across wide swath of its expanded service territory, which would pose a regulatory challenge to a potential merger, Canadian Pacific CEO Keith Creel says. “The competition between KCS and CN is not limited to a ‘handful’ of shippers as CN […]
