KANSAS CITY, Mo. — Canadian Pacific CEO Keith Creel and Kansas City Southern CEO Pat Ottensmeyer expressed excitement today about finally being able to combine their two railways into the first system to connect Canada, the U.S., and Mexico. Their merger deal, officially announced on Wednesday after Canadian National dropped its pursuit of KCS, came […]
Now that the months-long battle for Kansas City Southern is over and Canadian Pacific has been won, let’s get down to the important part for those of us who cover railroading for a living and those of us who have reverence for great railroad titles: the name of the new company that will carry on […]
KANSAS CITY, Mo. — Kansas City Southern on Sunday accepted Canadian Pacific’s $300 per share merger offer, spurning Canadian National’s higher bid due to its regulatory obstacles. In a midday press release, KCS said its board had determined CP’s revised offer constituted a “Company Superior Proposal” as defined in the agreement with CN. CP extended the […]
CHICAGO — Canadian Pacific’s merger negotiations with Kansas City Southern are progressing in the wake of last week’s regulatory decision that dealt a blow to the proposed Canadian National-KCS combination. “I believe, and I have high hopes, that we will come to a place when we finish these negotiations that we will be deemed superior,” […]
MONTREAL — Canadian National has announced it will require COVID-19 vaccinations for all employees in Canada by Nov. 1. In a press release, the railroad says the policy will apply to employees, new hires, those at CN’s wholly owned subsidiaries, and “contractors, consultants, agents and suppliers, and anyone who accesses CN’s Canadian properties. Requests for medical […]
KANSAS CITY, Mo. – Kansas City Southern is inching toward making Canadian Pacific its merger partner. KCS said today that it will begin merger discussions with CP after its board unanimously determined that CP’s Aug. 10 bid could be deemed superior to the agreement it reached with Canadian National in May. The U.S. Surface Transportation Board’s […]
CALGARY, Alberta – Canadian Pacific CEO Keith Creel says Tuesday’s Surface Transportation Board decision that rules out a Canadian National-Kansas City Southern merger proves what he’s been saying all along. “The ruling … confirms what we’ve always believed to be true. And I’ll use their words: A CP-KCS combination is substantially different, substantially different. Those are […]
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 […]
CALGARY, Alberta — Canadian Pacific on Tuesday sweetened its offer for Kansas City Southern in the hopes that regulatory uncertainty would unravel Canadian National’s merger agreement with KCS. CP boosted its bid by $2 billion, which values KCS at $300 per share. That’s $25 per share higher than CP’s previous offer but still $25 below […]
CALGARY, Alberta — Is Canadian Pacific preparing a higher offer for Kansas City Southern? The Wall Street Journal is reporting (paywalled) that CP’s board met today to authorize a new offer worth about $300 per share. That’s up about $25 from CP’s final offer to KCS, but still short of Canadian National’s offer that’s valued […]
CALGARY, Alberta — Canadian Pacific is asking Kansas City Southern stockholders to vote against the railroad’s proposed merger with Canadian National. The railroad filed a proxy statement to that effect on Thursday, with Canadian Pacific CEO Keith Creel saying his railroad would have preferred not to appeal to the KCS shareholders, but that with a meeting […]
CALGARY, Alberta — Canadian Pacific set quarterly records for revenue, earnings, and adjusted operating ratio as second quarter volume bounced back from last year’s pandemic lows. “Behind those numbers obviously is a very impressive operating performance,” CEO Keith Creel says, rattling off a list of key metrics that improved, including train length and weight and […]
