CP calls CN plan to sell KCS line ‘token divestment,’ remains critical of merger’s competitive impact Canadian Pacific says Canadian National’s plans to divest a Kansas City Southern line in Louisiana is “clear recognition” of the competitive issues created by the proposed CN-KCS merger. In a Thursday statement, CP also said the “token divestment” would […]
KANSAS CITY, Mo. – Kansas City Southern has officially terminated its merger agreement with Canadian Pacific and chosen to partner with Canadian National in a $33.6 billion deal to create the first railroad linking Canada, the U.S., and Mexico. “We are thrilled that KCS has agreed to combine with CN to create the premier railway for […]
CALGARY, Alberta – Canadian Pacific CEO Keith Creel says that if rival Canadian National acquires Kansas City Southern, the merger will destabilize the North American rail network and make CP a target for acquisition by another Class I railroad. CP today made a last-ditch effort to convince the KCS board to abandon its agreement to […]
CALGARY, Alberta — Canadian Pacific today urged Kansas City Southern to drop its plans to merge with Canadian National, arguing that only a CP-KCS combination could win regulatory approval. “We believe that the KCS Board has a clear path to conclude that the level of risk surrounding a CN-KCS transaction and CN’s ability to close […]
WASHINGTON – Federal regulators have dealt a blow to Canadian National’s proposed acquisition of Kansas City Southern. The Surface Transportation Board today denied CN’s request to place KCS into a voting trust while the merger is under review. The board said CN’s application was incomplete, however, because CN has not yet filed its merger application. And […]
Evacuation continues after UP derailment in Iowa Iowa State Troopers said they planned to allow the fire to burn overnight after a Union Pacific train derailed and caught fire in Sibley, Iowa, on Sunday afternoon. KELO-TV reports an evacuation remains in effect in a 2½-mile radius of the derailment site, with those evacuated sheltering in […]
WASHINGTON — The U.S. Justice Department is opposed to allowing Canadian National to place Kansas City Southern in a voting trust as part of the process for the proposed merger of the two railroads, saying the deal “raises sufficient competition concerns on first blush” to prohibit the procedure. Canadian Pacific, which has had its earlier […]
MONTREAL — The battle for Kansas City Southern appears to be over. KCS on Thursday accepted Canadian National’s $33.6 billion bid to create the first railroad linking Canada, the U.S., and Mexico. KCS said it would break the $29 billion merger agreement it reached in March with Canadian Pacific in favor of CN’s “superior offer.” […]
MONTREAL — Canadian National is expected to sweeten its offer to acquire Kansas City Southern, the Wall Street Journal reported today. CN would, at a minimum, pick up the tab for the $700 million breakup fee that KCS would owe Canadian Pacific for backing out of their friendly $29 billion deal, the newspaper said, citing […]
Customs and Border Protection to introduce new rail cargo scanners at 12 key border crossings The U.S. Customs and Border Protection agency has announced a $46 million program to install new technology to inspect rail cargo at a dozen sites around the U.S. The new high energy scanners will us linear accelerators to generate X-rays […]
CHICAGO — Canadian National has announced it intends to beef up what is currently a meandering, unsignaled 40-mph ex-Gulf, Mobile & Ohio branch to connect with Kansas City Southern’s main line to the Gulf Coast. And if Canadian Pacific gets KCS, it expects to direct Mexican supply chain business to and from Western Canada through […]
Transport Canada says engineering work is done for Lac-Mégantic bypass, on target for 2023 completion Transport Canada reports additional engineering work has been completed on the Lac-Mégantic, Quebec, bypass project and that the project still should be done by 2023. The engineering work will allow relocation of rail operations to the Lac-Mégantic business park, as […]
