Q: I recently saw these bright orange boxcars parked near the Canadian National Woodcrest Shops. They have CN reporting marks, though I haven’t gotten close enough to get specific numbers. Many of them have red lights on both ends that look to be like the ones used at crossing gates. They must move these cars […]
KANSAS CITY, Mo. — Kansas City Southern shareholders will vote on the proposed merger with Canadian National on Sept. 3. KCS this morning convened and adjourned its previously scheduled special meeting of shareholders, delaying the vote in the absence of a Surface Transportation Board decision on CN’s request to put KCS into a voting trust […]
LYTTON, British Columbia — A woman who lost her home in the fire that destroyed most of Lytton, B.C., in June has filed suit against Canadian National and Canadian Pacific, saying the railroads “caused or contributed” to the fire by operating when the heat made it unsafe to operate trains. Global News reports Carel Moiseiswitsch […]
KANSAS CITY, Mo. — Kansas City Southern has followed through on plans to delay its vote on Canadian National’s merger offer, pending a ruling from the Surface Transportation Board on the voting trust that is a key portion of the merger plan. KCS stockholders were set to vote on the deal Thursday, but that is now […]
KANSAS CITY, Mo. – Two influential shareholder advisory firms say that Kansas City Southern shareholders should abstain from voting on the Canadian National merger proposal until federal regulators make a key ruling. Institutional Shareholder Services and Glass Lewis, which advise large investment firms regarding proxy votes, have recommended that KCS shareholders abstain until after the […]
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 […]
CHICAGO – The North American Rail Shippers association annual meeting, scheduled for Sept. 7-9 at the Sheraton Grand Chicago, now will feature presentations from five Class I railroad chief executives and the president of Genesee & Wyoming’s North American operations. CSX Transportation CEO Jim Foote has been added to the agenda, along with G&W’s Michael Miller. […]
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 […]
