LONDON – The war of words continues between Canadian National and TCI Fund Management, its second-largest investor. TCI, which seeks to oust CN CEO JJ Ruest and has nominated four directors to serve on CN’s board, today disputed claims that CN made on Monday. CN yesterday set March 22 as the date it will hold […]
MONTREAL – Canadian National has set March 22 as the date when shareholders will vote on activist investor TCI Fund Management’s proposal to oust CEO JJ Ruest and four members of the railway’s board. TCI, which argues that CN has underperformed financially and operationally in recent years, has agreed to the date of the special shareholder […]
MONTREAL – Canadian National has fired back at activist investor TCI Fund Management, which has called for a management shakeup at the railway. CN today said TCI has made numerous “false or misleading” claims about CN’s financial performance and the risks related to the railway’s failed pursuit of Kansas City Southern. CN says TCI has not […]
LONDON — Activist investor TCI Fund Management, which is seeking to oust Canadian National’s top management, criticized the railway’s corporate governance practices today after the resignation of one of CN’s board members. “It has come to our attention that Julie Godin, CN’s youngest female director, resigned from the Board on September 16, 2021 — the […]
NEW ORLEANS — After first being turned back to Chicago at Memphis, Tenn., and later at Jackson, Miss., Amtrak’s City of New Orleans will finally make its grand entrance to the Crescent City one month after Hurricane Ida slammed into Louisiana with torrential rains and strong winds. The southbound train departing Chicago today and its […]
MONTREAL — Canadian National is fighting back. In the wake of an activist investor’s call for a management shakeup and improved financial results, CN today announced a “Full Speed Ahead” plan to reduce its operating ratio, cut capital spending, and increase shareholder returns through a combination of earnings growth and share buybacks. CN is targeting […]
PRINCE RUPERT, British Columbia — Canadian National has been fined C$2.5 million for spraying pesticides near a river along its line to the port of Prince Rupert, B.C., in violation of the federal fisheries act, Environment and Climate Change Canada announced in a press release. The fine comes after CN entered a guilty plea 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 […]
LONDON — Activist investor TCI Fund Management has formally requested a special meeting of Canadian National’s shareholders and named four individuals it will nominate for the railroad’s board of directors. “We did not seek a proxy fight,” Chris Hohn, TCI founder and managing partner, said in a Monday press release, “but without urgent action CN’s […]
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 […]
MONTREAL — Canadian National has announced it will require COVID-19 vaccinations for all employees in Canada by Nov. 1. In a press release, the railroad says the policy will apply to employees, new hires, those at CN’s wholly owned subsidiaries, and “contractors, consultants, agents and suppliers, and anyone who accesses CN’s Canadian properties. Requests for medical […]
NEW ORLEANS — Amtrak’s City of New Orleans continues to operate over only a portion of its route as Canadian National crews continue to repair damage in the wake of Hurricane Ida. An Amtrak advisory notes that effective with the Wednesday, Sept. 8, southbound departure from Chicago, the train will operate to Jackson, Miss., with […]
