Now that the months-long battle for Kansas City Southern is over and Canadian Pacific has been won, let’s get down to the important part for those of us who cover railroading for a living and those of us who have reverence for great railroad titles: the name of the new company that will carry on […]
KANSAS CITY, Mo. — The four-month battle for Kansas City Southern is officially over. KCS and Canadian National ripped up their $33.6 billion merger agreement today, 15 days after the Surface Transportation Board denied CN’s request to place KCS into an independent voting trust. Canadian Pacific and KCS, with voting trust approval already in […]
KANSAS CITY, Mo. — Kansas City Southern on Sunday accepted Canadian Pacific’s $300 per share merger offer, spurning Canadian National’s higher bid due to its regulatory obstacles. In a midday press release, KCS said its board had determined CP’s revised offer constituted a “Company Superior Proposal” as defined in the agreement with CN. CP extended the […]
VANCOUVER, British Columbia — Canadian Pacific and container-ship operator Maersk have opened their new Vancouver transload facility, adjacent to the railroad’s Vancouver Intermodal Facility. Construction was completed in August, with operations beginning Sept. 1 and first containers arriving earlier this week. The facility will allow cargo to be moved between international containers and domestic 53-foot […]
CHICAGO — CSX Transportation is willing to part with its stake in Pan Am Southern if that would alleviate competitive concerns surrounding its proposed acquisition of New England regional Pan Am Railways. “It was our position from day one, if they wanted us to step out of the Pan Am Southern, we were glad to […]
CHICAGO — Surface Transportation Board Chairman Martin J. Oberman stepped up his criticism of Class I railroads on Wednesday, saying the industry’s drive for ever-increasing profits resulted in a loss of market share to trucks over the past 15 years and is restraining growth today. Rail rates fell by 27% between 1985 and 2004, as […]
CHICAGO — Canadian Pacific’s merger negotiations with Kansas City Southern are progressing in the wake of last week’s regulatory decision that dealt a blow to the proposed Canadian National-KCS combination. “I believe, and I have high hopes, that we will come to a place when we finish these negotiations that we will be deemed superior,” […]
LONDON — Activist investor TCI Fund Management says it will call for a special meeting of Canadian National shareholders to nominate at least five new members of the board of directors, and has hired shareholder advisory and communications firm Kingsdale Advisors to help halt CN’s pursuit of Kansas City Southern. Chris Hohn, TCI founder and […]
KANSAS CITY, Mo. – Kansas City Southern is inching toward making Canadian Pacific its merger partner. KCS said today that it will begin merger discussions with CP after its board unanimously determined that CP’s Aug. 10 bid could be deemed superior to the agreement it reached with Canadian National in May. The U.S. Surface Transportation Board’s […]
There is no joy in Mudville – er, Montreal – today because the mighty CN has struck out. Canadian National suffered a stinging defeat on Tuesday when U.S. federal regulators effectively killed its proposed merger with Kansas City Southern. CN won’t get to create the first railway connecting Canada, the U.S., and Mexico. And it […]
CALGARY, Alberta – Canadian Pacific CEO Keith Creel says Tuesday’s Surface Transportation Board decision that rules out a Canadian National-Kansas City Southern merger proves what he’s been saying all along. “The ruling … confirms what we’ve always believed to be true. And I’ll use their words: A CP-KCS combination is substantially different, substantially different. Those are […]
The Surface Transportation Board took 33 pages to explain why it rejected Canadian National’s request to put Kansas City Southern into a voting trust while their proposed merger would be placed under the regulatory microscope. Buried on Page 31 of the board’s decision is a 105-word passage that – aside from a potential Canadian Pacific-KCS […]
