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CHICAGO — CSX Transportation is willing to part with its stake in Pan Am Southern if that would alleviate competitive concerns surrounding its proposed acquisition of New England regional Pan Am Railways. “It was our position from day one, if they wanted us to step out of the Pan Am Southern, we were glad to […]
CHICAGO — Surface Transportation Board Chairman Martin J. Oberman stepped up his criticism of Class I railroads on Wednesday, saying the industry’s drive for ever-increasing profits resulted in a loss of market share to trucks over the past 15 years and is restraining growth today. Rail rates fell by 27% between 1985 and 2004, as […]
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,” […]
LONDON — Activist investor TCI Fund Management says it will call for a special meeting of Canadian National shareholders to nominate at least five new members of the board of directors, and has hired shareholder advisory and communications firm Kingsdale Advisors to help halt CN’s pursuit of Kansas City Southern. Chris Hohn, TCI founder and […]
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 […]
There is no joy in Mudville – er, Montreal – today because the mighty CN has struck out. Canadian National suffered a stinging defeat on Tuesday when U.S. federal regulators effectively killed its proposed merger with Kansas City Southern. CN won’t get to create the first railway connecting Canada, the U.S., and Mexico. And it […]
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 […]
The Surface Transportation Board took 33 pages to explain why it rejected Canadian National’s request to put Kansas City Southern into a voting trust while their proposed merger would be placed under the regulatory microscope. Buried on Page 31 of the board’s decision is a 105-word passage that – aside from a potential Canadian Pacific-KCS […]
KANSAS CITY, Mo. — Kansas City Southern says it will adjourn its scheduled stockholders meeting, which had been set for Friday to consider Canadian National’s merger agreement, as a result of Tuesday’s Surface Transportation Board decision to deny a voting trust while the CN-KCS plan was undergoing regulatory scrutiny. That meeting is set for 9 […]
WASHINGTON — Federal regulators Tuesday rejected Canadian National’s request to put Kansas City Southern into a voting trust, dealing a serious blow to the first merger between Class I railroads in two decades. The Surface Transportation Board’s decision that placing KCS into a voting trust was not in the public interest may prompt the railroads […]
WASHINGTON – CSX Transportation’s proposed acquisition of Pan Am Railways threatens the viability of the former Boston & Maine Hoosac Tunnel route that provides competition for CSX’s own New England main line, Canadian Pacific has told federal regulators. The vast majority of CP’s traffic to and from New England runs via Mechanicville, N.Y., and the […]
NEW HAMPTON, Iowa — Canadian Pacific emergency crews remained on site Sunday, addressing a Saturday derailment of six locomotives and 11 cars of a CP train near New Hampton. Canadian Pacific reports that one car carrying anhydrous ammonia derailed into floodwaters and leaked product. “Supporting and working closely with local emergency response officials, our priority […]
