CHICAGO — Infrastructure and supply-chain firm Savage has opened a new transload facility at Canadian Pacific’s Bensenville, Ill., yard. The CPT Chicago Transload facility offers direct access to rail lines and major highways including Interstates 290, 294, and 355, as well as State Route 390, the Elgin-O’Hare Tollway. “We’re excited to work with CP to […]
CHICAGO — The North American Rail Shippers Association has added an online participation option to its annual meeting, to be held in Chicago Sept. 7-9. “To make attending as convenient as possible we have added online options because we know there is still uncertainty about traveling due to COVID-19,” NARS President Tom Tisa said in a […]
CP Pacific type One of Canadian Pacific’s 173 G3 Pacifics steams east out of Calgary station with a regional train in June 1949. One track over, a mountain observation car has just been added to the westbound Dominion’s tail. Walter H. Thrall Jr. photo […]
LYTTON, British Columbia — A woman who lost her home in the fire that destroyed most of Lytton, B.C., in June has filed suit against Canadian National and Canadian Pacific, saying the railroads “caused or contributed” to the fire by operating when the heat made it unsafe to operate trains. Global News reports Carel Moiseiswitsch […]
KANSAS CITY, Mo. — Kansas City Southern has followed through on plans to delay its vote on Canadian National’s merger offer, pending a ruling from the Surface Transportation Board on the voting trust that is a key portion of the merger plan. KCS stockholders were set to vote on the deal Thursday, but that is now […]
EDMONTON, Alberta — An undetected rail defect led to a Canadian Pacific derailment in September 2019 that saw petroleum products spill from three tank cars, the Transportation Safety Board of Canada has determined. The Sept. 27, 2019 derailment near Blackfalds, Alberta — approximately 8.4 miles north of Red Deer and 88 miles south of Edmonton […]
KANSAS CITY, Mo. – Two influential shareholder advisory firms say that Kansas City Southern shareholders should abstain from voting on the Canadian National merger proposal until federal regulators make a key ruling. Institutional Shareholder Services and Glass Lewis, which advise large investment firms regarding proxy votes, have recommended that KCS shareholders abstain until after the […]
KANSAS CITY, Mo. — Kansas City Southern says Canadian Pacific’s sweetened merger offer is not sweet enough. The KCS board today rejected CP’s increased bid, saying that the $31 billion offer made on Tuesday falls short of the $33.6 billion deal it has to merge with Canadian National. KCS also said that it would reschedule […]
WASHINGTON — Canadian Pacific and Canadian National have taken steps to limit congestion at their U.S. intermodal terminals as shippers have been slow to pick up containers due to the impact of the pandemic. The Canadian railways outlined their responses in letters to Surface Transportation Board Chairman Martin J. Oberman, who on July 22 requested information […]
CALGARY, Alberta — Canadian Pacific on Tuesday sweetened its offer for Kansas City Southern in the hopes that regulatory uncertainty would unravel Canadian National’s merger agreement with KCS. CP boosted its bid by $2 billion, which values KCS at $300 per share. That’s $25 per share higher than CP’s previous offer but still $25 below […]
CALGARY, Alberta — Is Canadian Pacific preparing a higher offer for Kansas City Southern? The Wall Street Journal is reporting (paywalled) that CP’s board met today to authorize a new offer worth about $300 per share. That’s up about $25 from CP’s final offer to KCS, but still short of Canadian National’s offer that’s valued […]
KANSAS CITY, Mo. — A shareholder advisory firm has recommended that Kansas City Southern investors approve Canadian National’s $33.6 billion offer to acquire the company. Institutional Shareholder Services, in a report issued Friday, said that the “premium, valuation, and strategic rationale for the transaction are compelling.” KCS shareholders are scheduled to vote on the deal […]
