Canadian government announces $21 million in funding for rail safety projects The Canadian government announced it would spend more tha C$21 million to help fund 135 projects across Canada under the Rail Safety Improvement Program — Infrastructure, Technology, and Research. The funds will address grade crossing improvements, small projects such as fencing and pedestrian crossings, […]
CALGARY, Alberta – Canadian Pacific CEO Keith Creel says that if rival Canadian National acquires Kansas City Southern, the merger will destabilize the North American rail network and make CP a target for acquisition by another Class I railroad. CP today made a last-ditch effort to convince the KCS board to abandon its agreement to […]
CALGARY, Alberta — Canadian Pacific today urged Kansas City Southern to drop its plans to merge with Canadian National, arguing that only a CP-KCS combination could win regulatory approval. “We believe that the KCS Board has a clear path to conclude that the level of risk surrounding a CN-KCS transaction and CN’s ability to close […]
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 […]
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 […]
Canadian Pacific tells STB CN-KCS deal should not receive waiver from 2001 merger rules Canadian Pacific has asked the Surface Transportation Board to rule the proposed merger of Canadian National and Kansas City Southern does not qualify for a waiver from more stringent merger rules adopted in 2001. The STB has already granted that waiver […]
Canadian Pacific CEO Keith Creel yesterday told a shipper group that his railroad can’t win a bidding war for Kansas City Southern. Creel also wouldn’t rule out cooperating with Canadian National and KCS on some level, and said that if CN and KCS were to merge, leaving CP as the smallest Class I railroad, CP […]
National Steel Car stops manufacturing because of virus outbreak Canadian freight car manufacturer National Steel Car has voluntarily shut down because of a COVID-19 outbreak in its manufacturing division. Global News reports the company in Hamilton, Ont., announced the decision on Friday, saying the closure will last for two weeks and was made in consultation […]
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 […]
