The Canadian Pacific acquisition of Kansas City Southern should help the railroads develop new business — including diverting truck traffic to rail — but the $29 billion deal announced on Sunday could face regulatory hurdles and opposition from shippers and other Class I systems. CP and KCS executives touted the potential for traffic growth that would […]
CALGARY, Alberta — Canadian Pacific and Kansas City Southern executives say combining their railroads into the first system linking Canada, the U.S., and Mexico will generate significant traffic growth across all commodities. “What a historic day,” CP CEO Keith Creel said during a Sunday afternoon investor webcast where executives touted the $29 billion deal to create […]
CALGARY, Alberta — Canadian Pacific’s proposed acquisition of Kansas City Southern will unite the two smallest Class I railroads and create the only North American system that will operate in the U.S., Canada, and Mexico. The combination of the 12,500-mile CP and 6,700-mile KCS, announced today, is a classic end-to-end merger: The railways currently interchange in […]
CALGARY — Canadian Pacific will buy Kansas City Southern in a cash and stock transaction worth approximately $29 billion, CP has confirmed. Financial Times first reported the story Saturday night. In an announcement posted Sunday morning, CP said the deal has the approval of both boards of directors, and confirms the previously reported price valuing […]
KANSAS CITY. Mo. — Kansas City Southern, which reported fourth-quarter and full-year earnings growth today, expects revenue to grow at least 11% this year as cross-border petroleum and intermodal traffic continue to soar. “We feel very good about 2021 and beyond,” CEO Pat Ottensmeyer told investors and analysts on the railroad’s earnings call on Friday […]
KANSAS CITY, Mo. — The coronavirus pandemic has hit Kansas City Southern de Mexico particularly hard, with up to 15% of the railroad’s train crews out on leave due to COVID-19. On a typical day, about 5% of train crews systemwide mark off due to coronavirus on both sides of the border, KCS executives said […]
Thursday midday rail news: KCS, development firm to develop Wylie, Texas, logistics park Kansas City Southern and NorthPoint Development have announced plans to develop a 220-acre logistics park in Wylie, Texas, adjacent to the railroads’ David L. Starling Wylie Intermodal Terminal. The Wylie Logistics Park, in a northeastern suburb of Dallas, will have the potential […]
More Tuesday midday rail news: KCS announces challenge grant for Holiday Express fundraiser Kansas City Southern says its Holiday Express fundraiser benefiting the Salvation Army has raised $148,115, and is issuing a challenge grant to raise more. Railroad CEO Patrick J. Ottensmeyer said in a press release that to mark Giving Tuesday, “I am proud to announce […]
Tuesday morning rail news: Evacuation lifted around KCS derailment; cleanup continues The remaining evacuation area around last week’s Kansas City Southern derailment in Mauriceville, Texas, was lifted Monday night, and local elementary and middle schools will return to class today. KBMT-TV reports that only three houses had remained inside the evacuation area before two railcars of hazardous […]
More Friday morning rail news: Evacuation area reduced around KCS wreck; schools stay closed, power restored The evacuation area around Thursday’s Kansas City Southern derailment in Mauriceville, Texas, was reduced Thursday night, although some residents remained out of their homes because of five tank cars that were breached in the accident. The Beaumont Enterprise reports that four […]
Schools and residents within a 1-mile radius have been evacuated after a Kansas City Southern train derailed this morning near Mauriceville, Texas. The Beaumont Enterprise reports hazardous materials teams along with officers from the Orange County Sheriff’s Office and the Department of Public Safety. No injuries have been reported. The derailment was first reported about 10 a.m. […]
Thursday morning rail news: Report: Investment groups make new bid to buy Kansas City Southern Two investment groups have made a new offer to buy Kansas City Southern after a previous bid was rebuffed, the Wall Street Journal reports in a paywalled article. Details of the bid by Blackstone Group Inc. and Global Infrastructure Partners […]
