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 […]
Allagany County, Md., plans to ask STB to intervene in bridge dispute with CSX The Allagany County, Md., Board of Commissioners will file a complaint against CSX Transportation with the Surface Transportation Board over a bridge closure in Cumberland, Md., saying the railroad has blocked any effort to address the issue, although the railroad says […]
WASHINGTON — Two local shipper groups have dropped their challenge to Canadian National’s proposed sale of former Wisconsin Central branches to short line operator Watco. Wisconsin Central Group and the Lake States Shippers Association met with Watco’s leadership team last week in Green Bay, Wis., and have decided to support the transaction involving 650 miles […]
KANSAS CITY, Mo. — Kansas City Southern will begin discussions with Canadian National over its offer for the railroad after the KCS board of directors determined the CN bid could reasonably be expected to lead to a “company superior proposal,” as defined in its merger agreement with Canadian Pacific, KCS announced in a Saturday press […]
National Steel Car stops manufacturing because of virus outbreak Canadian freight car manufacturer National Steel Car has voluntarily shut down because of a COVID-19 outbreak in its manufacturing division. Global News reports the company in Hamilton, Ont., announced the decision on Friday, saying the closure will last for two weeks and was made in consultation […]
WASHINGTON — The Surface Transportation Board ruled late Friday that it would apply its pre-2001 merger regulations in its consideration of the potential merger of Canadian Pacific and Kansas City Southern, granting the waiver specified for mergers involving KCS when new, stricter merger rules were adopted in 2001. In a 4-1 decision announced shortly before […]
WASHINGTON – In the first sign of congressional opposition to further rail mergers, the chairman of the House Committee on Transportation and Infrastructure said today that the Canadian Pacific and Canadian National dueling proposals to acquire Kansas City Southern should set off alarm bells. Rep. Peter DeFazio, an Oregon Democrat, said an acquisition of KCS […]
WASHINGTON – The railroad duel of the 21st century continues. In a letter to federal regulators, Canadian National today touted its “superior” bid for Kansas City Southern and sought to correct “misleading statements” that Canadian Pacific made this week about a potential CN-KCS merger. Last month CP and KCS reached a friendly, $29 billion deal […]
No injuries as BNSF intermodal train derails near Barstow About 15 cars of a BNSF Railway intermodal train derailed Thursday at Jimgray, Calif., about 24 miles northwest of Barstow on the railroad’s Mojave Subdivision. The San Bernardino County Fire Department reports on Twitter that it responded to the accident about 6 a.m., but there were […]
OMAHA, Neb. — Union Pacific is closely watching the battle for Kansas City Southern and how an acquisition by either Canadian Pacific or Canadian National could affect its cross-border traffic. UP CEO Lance Fritz notes that U.S. regulations require that mergers between Class I railroads must enhance competition and improve service for all shippers. “For […]
MONTREAL – Canadian National today rebutted Canadian Pacific’s criticism of its dueling bid for Kansas City Southern, saying its higher offer is superior, will enhance competition, and clear regulatory hurdles. “Rather than acknowledge the clear and substantial superiority of CN’s proposal for KCS shareholders, CP has sought to distract investors and attack CN’s proposal with a […]
CALGARY, Alberta — Canadian Pacific’s operating profit and revenue declined in the first quarter, but executives said the railway was gaining momentum as volume reached an all-time high in March. Quarterly operating income declined 6%, to $780 million, as revenue declined 4%, to %1.95 billion, CP reported on Wednesday. Earnings per share, adjusted for the impact […]
