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.” […]
MONTREAL — Canadian National is expected to sweeten its offer to acquire Kansas City Southern, the Wall Street Journal reported today. CN would, at a minimum, pick up the tab for the $700 million breakup fee that KCS would owe Canadian Pacific for backing out of their friendly $29 billion deal, the newspaper said, citing […]
WASHINGTON — The Chicago suburb of Barrington, Ill. — which battled Canadian National’s acquisition of the Elgin, Joliet & Eastern in 2009 and has protested increased rail traffic ever since — has warned federal regulators that CN’s proposed merger with Kansas City Southern would create “a traffic congestion nightmare for the people of the greater […]
Brian Gorton named as Conrail president, chief operating officer Conrail has named Brian E. Gorton as its president and chief operating officer, succeeding the retired Timothy Tierney. The move, announced Thursday, was effective April 19. Gorton, who began his railroad career as a conductor for Conrail in 1987, was most recently the general manager of […]
Canadian Pacific and Canadian National both reacted positively Thursday evening to a Surface Transportation Board decision allowing CP to place Kansas City Southern into a voting trust as part of its merger plans. CP calls it a “critical milestone” in its bid, while CN says it is encouraged the voting trust that is part of […]
WASHINGTON – Federal regulators on Thursday approved Canadian Pacific’s request to put Kansas City Southern into a voting trust while their proposed $29 billion merger is under review. Canadian National, which has a dueling $33.7 billion unsolicited offer under review by the KCS board, also has asked the U.S. Surface Transportation Board to consider its […]
MONTREAL – As part of its proposed acquisition of Kansas City Southern, Canadian National envisions spending $250 million to create an upgraded route linking Kansas City, Mo., with Eastern Canada via Springfield, Ill. The big prize in a CN-KCS merger is connecting Canada, the U.S., and Mexico. But the combined CN-KCS route to Kansas City would […]
Wabtec wins award for FLXdrive locomotive, Golden Stevie Award; gains contract for equipment in India Wabtec’s FLXdrive battery-electric locomotive has been named a winner of Fast Company magazine’s World Changing Ideas for 2021 in the transportation category. The locomotive, which recently concluded more than 13,000 miles of testing in Southern California, uses more than 18,000 […]
In Monday morning’s latest installment in the regulatory and public-relations efforts to boost their respective bids for Kansas City Southern, Canadian Pacific and Canadian National have each issued new press release. CP’s cites what it terms “mounting opposition” to the CN-KCS merger proposal, while CN has released an open letter to “the Kansas City Southern […]
OMAHA, Neb. — BNSF Railway corporate parent Berkshire Hathaway is closely watching the battle for Kansas City Southern. Canadian Pacific and Canadian National have dueling bids in place for the smallest Class I railroad, with an eye toward creating the first system to link Canada, the U.S., and Mexico. “Either of those companies acquiring Kansas […]
