MONTREAL — Canadian National has raised its financial outlook for the year amid record first-quarter intermodal and Canadian grain volumes, and expectations for continued economic improvement that will boost merchandise traffic. CN now expects volume to grow in the high single-digit percentage range this year, up from around 5% forecast in January, executives said while […]
MONTREAL — Canadian National could finalize a merger deal with Kansas City Southern in the next 30 to 40 days, executives said today. With the KCS board agreeing over the weekend to consider CN’s unsolicited $33.7 billion merger offer, CN tomorrow will begin poring over confidential KCS data and negotiating a final merger agreement. Rival […]
CALGARY, Alberta — A combined Canadian National and Kansas City Southern system would reduce railroad competition across wide swath of its expanded service territory, which would pose a regulatory challenge to a potential merger, Canadian Pacific CEO Keith Creel says. “The competition between KCS and CN is not limited to a ‘handful’ of shippers as CN […]
WASHINGTON — Two local shipper groups have dropped their challenge to Canadian National’s proposed sale of former Wisconsin Central branches to short line operator Watco. Wisconsin Central Group and the Lake States Shippers Association met with Watco’s leadership team last week in Green Bay, Wis., and have decided to support the transaction involving 650 miles […]
KANSAS CITY, Mo. — Kansas City Southern will begin discussions with Canadian National over its offer for the railroad after the KCS board of directors determined the CN bid could reasonably be expected to lead to a “company superior proposal,” as defined in its merger agreement with Canadian Pacific, KCS announced in a Saturday press […]
WASHINGTON – In the first sign of congressional opposition to further rail mergers, the chairman of the House Committee on Transportation and Infrastructure said today that the Canadian Pacific and Canadian National dueling proposals to acquire Kansas City Southern should set off alarm bells. Rep. Peter DeFazio, an Oregon Democrat, said an acquisition of KCS […]
As Canadian Pacific and Canadian National continue their duel for control of Kansas City Southern, one topic keeps coming up: Why don’t the Canadian railways jointly acquire KCS and split it up? With so much bad blood between CP and CN it’s not a likely scenario, as their war of words has escalated this week. […]
WASHINGTON – The railroad duel of the 21st century continues. In a letter to federal regulators, Canadian National today touted its “superior” bid for Kansas City Southern and sought to correct “misleading statements” that Canadian Pacific made this week about a potential CN-KCS merger. Last month CP and KCS reached a friendly, $29 billion deal […]
OMAHA, Neb. — Union Pacific is closely watching the battle for Kansas City Southern and how an acquisition by either Canadian Pacific or Canadian National could affect its cross-border traffic. UP CEO Lance Fritz notes that U.S. regulations require that mergers between Class I railroads must enhance competition and improve service for all shippers. “For […]
MONTREAL – Canadian National today rebutted Canadian Pacific’s criticism of its dueling bid for Kansas City Southern, saying its higher offer is superior, will enhance competition, and clear regulatory hurdles. “Rather than acknowledge the clear and substantial superiority of CN’s proposal for KCS shareholders, CP has sought to distract investors and attack CN’s proposal with a […]
CALGARY, Alberta — Canadian Pacific CEO Keith Creel says there’s no reason to sweeten his railroad’s $29 billion offer for Kansas City Southern because Canadian National’s dueling $33.7 billion bid is so anti-competitive that it would never make it out of the starting gate. Kansas City Southern’s board is considering CN’s unsolicited offer, which was announced […]
Canadian Pacific today finds itself in the same uncomfortable – and threatened – position that Norfolk Southern was in 25 years ago. Back in October 1996, CSX Transportation utterly shocked NS when it announced it had a deal to acquire Conrail. The $8.1 billion merger would give CSX access to the New York […]
