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 […]
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 […]
