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WASHINGTON — Canadian National and Kansas City Southern today asked federal regulators to approve a voting trust that is the initial step in their plans to merge into the first railroad linking Canada, the U.S., and Mexico. To address competition concerns in the one area where the railroads’ systems overlap, CN said it will sell the […]
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 […]
CALGARY, Alberta – Canadian Pacific CEO Keith Creel says that if rival Canadian National acquires Kansas City Southern, the merger will destabilize the North American rail network and make CP a target for acquisition by another Class I railroad. CP today made a last-ditch effort to convince the KCS board to abandon its agreement to […]
CALGARY, Alberta — Canadian Pacific today urged Kansas City Southern to drop its plans to merge with Canadian National, arguing that only a CP-KCS combination could win regulatory approval. “We believe that the KCS Board has a clear path to conclude that the level of risk surrounding a CN-KCS transaction and CN’s ability to close […]
MONTREAL – Canadian National has no plans to back off from its proposed acquisition of Kansas City Southern and remains confident that it can obtain the necessary regulatory approvals to create the first railroad linking Canada, the U.S., and Mexico, CEO JJ Ruest said today. Ruest’s comments came a day after CN’s fifth-largest shareholder, TCI […]
MONTREAL — Canadian National today filed its Kansas City Southern merger agreement with federal regulators, and asked the Surface Transportation Board to adopt an expedited schedule for reviewing its request to put KCS into a voting trust. In what CN termed a procedural move, the STB on Monday denied CN’s request to place KCS into […]
MONTREAL – One of Canadian National’s largest investors has urged the railway to abandon its pursuit of Kansas City Southern, saying it would be reckless in light of regulatory uncertainty surrounding the merger. The U.S. Surface Transportation Board yesterday denied, on procedural grounds, CN’s request to put KCS into a voting trust while the merger […]
Welcome to Cody’s Trackside Finds, a new series on Trains.com, where we’ll look at interesting locomotives, freight cars, structures, or details that I’ve come across while railfanning. In these entries, I’ll provide some background information on the subject, give you some modeling tips, and most importantly, encourage comments from the Trains.com community. Do you have […]
WASHINGTON – Federal regulators have dealt a blow to Canadian National’s proposed acquisition of Kansas City Southern. The Surface Transportation Board today denied CN’s request to place KCS into a voting trust while the merger is under review. The board said CN’s application was incomplete, however, because CN has not yet filed its merger application. And […]
WASHINGTON — The U.S. Justice Department is opposed to allowing Canadian National to place Kansas City Southern in a voting trust as part of the process for the proposed merger of the two railroads, saying the deal “raises sufficient competition concerns on first blush” to prohibit the procedure. Canadian Pacific, which has had its earlier […]
If Canadian Pacific does not top Canadian National’s $33.6 billion offer for Kansas City Southern in the next five days, a CN-KCS merger would proceed toward the approval process. First, KCS shareholders must approve the deal announced yesterday, which would give them $200 per share in cash, along with 1.129 shares of CN common stock, […]
MONTREAL — The battle for Kansas City Southern appears to be over. KCS on Thursday accepted Canadian National’s $33.6 billion bid to create the first railroad linking Canada, the U.S., and Mexico. KCS said it would break the $29 billion merger agreement it reached in March with Canadian Pacific in favor of CN’s “superior offer.” […]
