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’s operating profit and revenue declined in the first quarter, but executives said the railway was gaining momentum as volume reached an all-time high in March. Quarterly operating income declined 6%, to $780 million, as revenue declined 4%, to %1.95 billion, CP reported on Wednesday. Earnings per share, adjusted for the impact […]
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 […]
WASHINGTON — If Canadian National’s rival bid to acquire Kansas City Southern succeeds, Canadian Pacific would be forced to set off the final wave of railroad consolidation by seeking a merger partner. CP provided this warning in a letter to the U.S. Surface Transportation Board on Wednesday, a day after CN announced that it, too, […]
CALGARY, Alberta — Canadian Pacific says Canadian National’s competing bid for Kansas City Southern would reduce competition, raise significant regulatory concerns, and upset competitive balance in the North American rail network. CN’s unsolicited $33.7 billion offer, announced Tuesday morning, tops the $29 billion deal CP reached last month to acquire KCS. The KCS board says […]
Families sue CP, Transport Canada over 2019 derailment that killed three The families of two of the Canadian Pacific crew members killed in the derailment of a runaway CP train in February 2019 are suing the railroad, officials including CEO Keith Creel, police department, and federal agency Transport Canada. The CBC reports the families of […]
WASHINGTON — Canadian Pacific has rebutted Justice Department criticism of its proposed acquisition of Kansas City Southern, telling the Surface Transportation Board that the $29 billion merger can’t happen without a voting trust. The Justice Department on Monday raised concerns about CP’s plan to place KCS into a voting trust while the STB reviews the […]
Any way you look at it, Canadian Pacific’s proposed acquisition of Kansas City Southern is a blockbuster deal. It creates the first railroad to link the U.S., Mexico, and Canada. It gives shippers from both railroads more single-line service options. And it will boost competition – with other railroads and, more importantly, trucks – in […]
CP, KCS say 45 more entities have filed statements of support for merger Canadian Pacific and Kansas City Southern says 45 more customers, ports, and other entities have filed statements with the Surface Transportation Board supporting their planned merger, bringing the number supporting the proposal to more than 300. In a press release, the railroads […]
CALGARY, Alberta — Canadian Pacific and Kansas City Southern have rounded up broad support for their proposed merger, which would create the first railroad to operate in the U.S., Canada, and Mexico. The railways announced yesterday that they have received support statements from 259 shippers, other railroads, economic development authorities, and ports. Shipper sentiment will […]
WASHINGTON — Canadian Pacific and Kansas City Southern plan to file their merger application with U.S. regulators on or around June 28 and have proposed a 10-month review of the deal that would create the first railroad to link the U.S., Canada, and Mexico. The railroads told the Surface Transportation Board that their proposed review timetable […]
