MONTREAL — Canadian National could finalize a merger deal with Kansas City Southern in the next 30 to 40 days, executives said today. With the KCS board agreeing over the weekend to consider CN’s unsolicited $33.7 billion merger offer, CN tomorrow will begin poring over confidential KCS data and negotiating a final merger agreement. Rival […]
CALGARY, Alberta — A combined Canadian National and Kansas City Southern system would reduce railroad competition across wide swath of its expanded service territory, which would pose a regulatory challenge to a potential merger, Canadian Pacific CEO Keith Creel says. “The competition between KCS and CN is not limited to a ‘handful’ of shippers as CN […]
KANSAS CITY, Mo. — Kansas City Southern will begin discussions with Canadian National over its offer for the railroad after the KCS board of directors determined the CN bid could reasonably be expected to lead to a “company superior proposal,” as defined in its merger agreement with Canadian Pacific, KCS announced in a Saturday press […]
WASHINGTON — The Surface Transportation Board ruled late Friday that it would apply its pre-2001 merger regulations in its consideration of the potential merger of Canadian Pacific and Kansas City Southern, granting the waiver specified for mergers involving KCS when new, stricter merger rules were adopted in 2001. In a 4-1 decision announced shortly before […]
WASHINGTON – In the first sign of congressional opposition to further rail mergers, the chairman of the House Committee on Transportation and Infrastructure said today that the Canadian Pacific and Canadian National dueling proposals to acquire Kansas City Southern should set off alarm bells. Rep. Peter DeFazio, an Oregon Democrat, said an acquisition of KCS […]
As Canadian Pacific and Canadian National continue their duel for control of Kansas City Southern, one topic keeps coming up: Why don’t the Canadian railways jointly acquire KCS and split it up? With so much bad blood between CP and CN it’s not a likely scenario, as their war of words has escalated this week. […]
WASHINGTON – The railroad duel of the 21st century continues. In a letter to federal regulators, Canadian National today touted its “superior” bid for Kansas City Southern and sought to correct “misleading statements” that Canadian Pacific made this week about a potential CN-KCS merger. Last month CP and KCS reached a friendly, $29 billion deal […]
OMAHA, Neb. — Union Pacific is closely watching the battle for Kansas City Southern and how an acquisition by either Canadian Pacific or Canadian National could affect its cross-border traffic. UP CEO Lance Fritz notes that U.S. regulations require that mergers between Class I railroads must enhance competition and improve service for all shippers. “For […]
MONTREAL – Canadian National today rebutted Canadian Pacific’s criticism of its dueling bid for Kansas City Southern, saying its higher offer is superior, will enhance competition, and clear regulatory hurdles. “Rather than acknowledge the clear and substantial superiority of CN’s proposal for KCS shareholders, CP has sought to distract investors and attack CN’s proposal with a […]
CALGARY, Alberta — Canadian Pacific’s operating profit and revenue declined in the first quarter, but executives said the railway was gaining momentum as volume reached an all-time high in March. Quarterly operating income declined 6%, to $780 million, as revenue declined 4%, to %1.95 billion, CP reported on Wednesday. Earnings per share, adjusted for the impact […]
CALGARY, Alberta — Canadian Pacific CEO Keith Creel says there’s no reason to sweeten his railroad’s $29 billion offer for Kansas City Southern because Canadian National’s dueling $33.7 billion bid is so anti-competitive that it would never make it out of the starting gate. Kansas City Southern’s board is considering CN’s unsolicited offer, which was announced […]
Canadian Pacific today finds itself in the same uncomfortable – and threatened – position that Norfolk Southern was in 25 years ago. Back in October 1996, CSX Transportation utterly shocked NS when it announced it had a deal to acquire Conrail. The $8.1 billion merger would give CSX access to the New York […]
