LONDON — Activist investor TCI Fund Management says it will call for a special meeting of Canadian National shareholders to nominate at least five new members of the board of directors, and has hired shareholder advisory and communications firm Kingsdale Advisors to help halt CN’s pursuit of Kansas City Southern. Chris Hohn, TCI founder and […]
KANSAS CITY, Mo. – Kansas City Southern is inching toward making Canadian Pacific its merger partner. KCS said today that it will begin merger discussions with CP after its board unanimously determined that CP’s Aug. 10 bid could be deemed superior to the agreement it reached with Canadian National in May. The U.S. Surface Transportation Board’s […]
TORONTO — Activist investor TCI Fund Management says it is building support among other shareholders for its effort to replace Canadian National’s CEO and board chairman in the wake of the regulatory setback for CN’s effort to purchase Kansas City Southern. The Toronto Globe and Mail, in a paywalled article, reports TCI partner Ben Walker […]
PRESCOTT, Ontario — One person is reported injured in a collision between two Canadian National trains Thursday morning, the Ontario Provincial Police report. The collision occurred about 10:30 a.m. near an overpass at Edward Street in Prescott, about 65 miles northeast of Kingston, Ont., and just across the St. Lawrence River from Ogdensburg, N.Y. CTV […]
There is no joy in Mudville – er, Montreal – today because the mighty CN has struck out. Canadian National suffered a stinging defeat on Tuesday when U.S. federal regulators effectively killed its proposed merger with Kansas City Southern. CN won’t get to create the first railway connecting Canada, the U.S., and Mexico. And it […]
The Surface Transportation Board took 33 pages to explain why it rejected Canadian National’s request to put Kansas City Southern into a voting trust while their proposed merger would be placed under the regulatory microscope. Buried on Page 31 of the board’s decision is a 105-word passage that – aside from a potential Canadian Pacific-KCS […]
KANSAS CITY, Mo. — Kansas City Southern says it will adjourn its scheduled stockholders meeting, which had been set for Friday to consider Canadian National’s merger agreement, as a result of Tuesday’s Surface Transportation Board decision to deny a voting trust while the CN-KCS plan was undergoing regulatory scrutiny. That meeting is set for 9 […]
MONTREAL – Canadian National’s second-largest investor today urged the railway to drop its bid for Kansas City Southern and called for the resignation of board Chairman Robert Pace and CEO JJ Ruest. TCI Fund Management recommends that Jim Vena – a former CN chief operating officer who most recently headed operations at Union Pacific – be […]
WASHINGTON — Federal regulators Tuesday rejected Canadian National’s request to put Kansas City Southern into a voting trust, dealing a serious blow to the first merger between Class I railroads in two decades. The Surface Transportation Board’s decision that placing KCS into a voting trust was not in the public interest may prompt the railroads […]
MONTREAL — A London-based activist investment firm has amassed 5.2% of Canadian National’s shares and says it will seek to influence how the railway is run. TCI Fund Management — which in May asked CN to call off its proposed merger with Kansas City Southern — is now CN’s second-largest single shareholder, behind only Cascade […]
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 […]
MONCTON, New Brunswick — The Transportation Safety Board of Canada announced Monday it was sending investigators to the site of a Saturday derailment of a Canadian National train northwest of Moncton. The CBC reported 30 cars derailed, 20 of which ended up on their side. A CN spokesman said no hazardous materials were involved but […]
