LONDON — Canadian National and CSX Corporation are among 200 companies worldwide to earn spots on the “A List” of global non-profit CDP, which describes its self as running a disclosure system allowing investors, companies, cities, states, and regions to manage their environmental impacts. Nearly 12,000 companies were scored, based on data reported through CDP’s […]
MONTREAL — Canadian National executives defended their intermodal growth strategy today, saying it’s the best way to compete with trucks and bring new profitable traffic to the railway over the next decade. Activist investor TCI Fund Management, which has launched a proxy fight to replace CEO JJ Ruest and four board members, has been critical […]
LONDON — TCI Fund Management today released its plan to improve Canadian National’s operational and financial performance, saying that replacing CEO JJ Ruest with former CN Chief Operating Officer Jim Vena would usher in a new era of growth and profitability. But TCI’s plan, included with the launch of a website called cnbackontrack.com, sets no […]
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 […]
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 […]
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 […]
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 […]
CALGARY, Alberta — The Transportation Safety Board of Canada is investigating a grass fire that was reportedly ignited by a Canadian National train in Calgary’s Erin Woods neighborhood on Saturday. The Calgary Herald reports the Calgary Fire Department responded to a report of a grass fire along the CN tracks about 1:40 a.m., using some […]
MONTREAL — Canadian National’s second-quarter earnings bounced back from the pandemic amid growth in virtually every traffic segment, the railway said on Tuesday. “Our results reflect broad-based trends and forward momentum across all of our business, and also the enduring power of our vast and diversified CN network,” CEO JJ Ruest told investors and analysts on […]
Canada’s busiest railroad corridor remains hobbled nine days after a devastating wildfire in Lytton, British Columbia. Lytton, which was virtually destroyed by the June 30 fire, is in the heart of the directional running zone Canadian National and Canadian Pacific use in the rugged Thompson and Fraser river canyons. Westbound traffic flows over CN’s single-track […]
MONTREAL – Canadian National and Kansas City Southern note that their proposed combination continues to gain support, with letters from customers, suppliers, elected officials, and other stakeholders being filed with the Surface Transportation Board. Nearly 200 additional letters have been sent to CN and KCS and filed with the STB, bringing the total number of […]
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 […]
