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 […]
Connaught Tunnel Observation cars afforded a fine view of the Canadian Pacific’s engineering landmarks. This August 1942 photo shows the west portal and ventilation equipment of Connaught Tunnel on Rogers Pass in British Columbia. Andre Morin photo […]
Canadian National and Canadian Pacific have both announced records for Canadian grain movement in the just completed 2020-21 crop year, with CN setting a second consecutive record and CP reaching a new mark for the fourth consecutive year. CN says it moved more than 31 million metric tons of grain, bettering last year’s mark of […]
KANSAS CITY, Mo. — Kansas City Southern has fired back at Canadian Pacific’s appeal to its stockholders to turn down the proposed merger with Canadian National, saying those stockholders should focus on the fact CN’s offer is worth $50 more per share than the last CP proposal. CP filed a proxy statement asking KCS shareholders […]
CALGARY, Alberta — Canadian Pacific is asking Kansas City Southern stockholders to vote against the railroad’s proposed merger with Canadian National. The railroad filed a proxy statement to that effect on Thursday, with Canadian Pacific CEO Keith Creel saying his railroad would have preferred not to appeal to the KCS shareholders, but that with a meeting […]
CALGARY, Alberta — Canadian Pacific set quarterly records for revenue, earnings, and adjusted operating ratio as second quarter volume bounced back from last year’s pandemic lows. “Behind those numbers obviously is a very impressive operating performance,” CEO Keith Creel says, rattling off a list of key metrics that improved, including train length and weight and […]
WASHINGTON — The chairman of the House Committee on Transportation and Infrastruture has voiced his opposition to a voting trust while regulators consider the proposed merger of Canadian National and Kansas City Southern. Rep. Peter DeFazio (D-Ore.) said in a Monday letter to the Surface Transportation Board that the trust would “reduce competition and prejudice […]
Norfolk Southern and Canadian Pacific have released details of their plans to address greenhouse gas emissions, with NS aiming for a 42% reduction by 2034, while CP has set a goal of reducing locomotive emissions by more than 38% by 2030, along with a reduction from non-locomotive operations by more than 27%. The NS figure […]
