WASHINGTON – In the first sign of congressional opposition to further rail mergers, the chairman of the House Committee on Transportation and Infrastructure said today that the Canadian Pacific and Canadian National dueling proposals to acquire Kansas City Southern should set off alarm bells. Rep. Peter DeFazio, an Oregon Democrat, said an acquisition of KCS […]
As Canadian Pacific and Canadian National continue their duel for control of Kansas City Southern, one topic keeps coming up: Why don’t the Canadian railways jointly acquire KCS and split it up? With so much bad blood between CP and CN it’s not a likely scenario, as their war of words has escalated this week. […]
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 […]
KANSAS CITY, Mo. — Last year, a pair of infrastructure funds sought to take Kansas City Southern private. Last month, Canadian Pacific struck a $29 billion deal to acquire KCS. And today Canadian National topped that with an offer worth $33.7 billion. What’s next in the battle to acquire the smallest but fastest growing Class […]
Let the bidding war begin. Canadian National today topped rival Canadian Pacific’s $29 billion offer for Kansas City Southern in what one analyst called “an aggressive move.” CN’s $33.7 billion offer is a 21% premium to the deal CP reached with KCS last month. CN is offering KCS investors $325 per share, including $200 per […]
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 […]
CALGARY, Alberta — Canadian Pacific and Kansas City Southern executives say combining their railroads into the first system linking Canada, the U.S., and Mexico will generate significant traffic growth across all commodities. “What a historic day,” CP CEO Keith Creel said during a Sunday afternoon investor webcast where executives touted the $29 billion deal to create […]
WASHINGTON — CSX Transportation’s proposed acquisition of New England regional Pan Am Railways will have a significant impact on employment levels at Pan Am Southern, the joint venture it will share with Norfolk Southern. Genesee & Wyoming, which has been designated the neutral operator of Pan Am Southern, estimates that it can run the railroad […]
KANSAS CITY, Mo. – The two infrastructure funds that are reportedly teaming up to acquire Kansas City Southern are no strangers to the railroad industry. Blackstone Group owned Chicago & North Western in the late 1980s and early 1990s. It also owned Great Lakes Transportation, a collection of former U.S. Steel transportation companies that included […]
More Thursday rail news: NS sells Norfolk headquarters building Norfolk Southern has sold its headquarters building in Norfolk,Va., as it prepares to relocate to Atlanta. TowneBank, based in Suffolk, Va., and the Children’s Hospital of The King’s Daughters have completed purchase of the Norfolk Southern Tower, with each planning to occupy 10 floors of the […]
Norfolk & Western No. 611 sits at Buena Vista, Va., this morning on its trip to Pennsylvania’s Strasburg Rail Road. Kevin Gilliam BUENEA VISTA, Va. — Norfolk & Western 4-8-4 No. 611 has begun its trek to Pennsylvania, but its northbound run through the Shenandoah Valley is going less than smooth thanks to a freight […]
NORFOLK, Va. — Amtrak service in and out of Norfolk remains suspended at least through today following the derailment of a Norfolk Southern coal train on Tuesday morning. Four Amtrak Northeast Regional trains that normally serve Norfolk will operate on modified schedules. Train No. 94 will operate from Richmond, Va., to Boston and train No. […]
