WASHINGTON — Canadian Pacific and Kansas City Southern have vastly overestimated traffic and revenue growth that would flow from their proposed combination, making the rest of their merger application a house of cards, Canadian National claims in a regulatory filing. The CP-KCS merger application is so “riddled with errors” that the Surface Transportation Board should not […]
WASHINGTON — Canadian National says its proposed acquisition of Kansas City Southern’s Springfield Line would enable it to divert 80,000 long-haul truck shipments to rail annually by creating a new route linking Kansas City and St. Louis with Michigan and Eastern Canada. The traffic projection — 33% more truck diversions than Canadian Pacific and KCS […]
Canadian National shocked the railroad world this week with the selection of Tracy Robinson, a Canadian energy executive and former Canadian Pacific official, as its next CEO. The surprise came mostly from the fact that she is not a marquee name in railroad circles and has been out of the industry for eight years. But […]
MONTREAL — Canadian National reported record fourth-quarter financial results on Tuesday, despite the impact of severe flooding that shut its main line through southern British Columbia for three weeks. CN’s “Full Speed Ahead” plan to improve the company’s financial results, announced in September amid a proxy contest launched by activist investor TCI Fund Management, gained […]
MONTREAL — Jim Vena, the former Canadian National chief operating officer who was touted as the railway’s next CEO, told CN Sunday night that he was no longer interested in the job. “The Search Committee conducted multiple rounds of interviews with former CN employee Jim Vena and the Board engaged in appropriate due diligence with respect […]
MONTREAL — Canadian National has announced a seven-year deal with Google Cloud to modernize the railroad’s technology infrastructure and improve customers’ ability to ship and track cargo moves. CN says the move will use Google Cloud’s expertise in artificial intelligence, machine learning, and data analytics to provide customers and supply-chain partners with planning, shipping, tracking, […]
LONDON — Canadian National and CSX Corporation are among 200 companies worldwide to earn spots on the “A List” of global non-profit CDP, which describes its self as running a disclosure system allowing investors, companies, cities, states, and regions to manage their environmental impacts. Nearly 12,000 companies were scored, based on data reported through CDP’s […]
MONTREAL — Canadian National executives defended their intermodal growth strategy today, saying it’s the best way to compete with trucks and bring new profitable traffic to the railway over the next decade. Activist investor TCI Fund Management, which has launched a proxy fight to replace CEO JJ Ruest and four board members, has been critical […]
LONDON — TCI Fund Management today released its plan to improve Canadian National’s operational and financial performance, saying that replacing CEO JJ Ruest with former CN Chief Operating Officer Jim Vena would usher in a new era of growth and profitability. But TCI’s plan, included with the launch of a website called cnbackontrack.com, sets no […]
MONTREAL — Canadian National is fighting back. In the wake of an activist investor’s call for a management shakeup and improved financial results, CN today announced a “Full Speed Ahead” plan to reduce its operating ratio, cut capital spending, and increase shareholder returns through a combination of earnings growth and share buybacks. CN is targeting […]
KANSAS CITY, Mo. — The four-month battle for Kansas City Southern is officially over. KCS and Canadian National ripped up their $33.6 billion merger agreement today, 15 days after the Surface Transportation Board denied CN’s request to place KCS into an independent voting trust. Canadian Pacific and KCS, with voting trust approval already in […]
MONTREAL — A London-based activist investment firm has amassed 5.2% of Canadian National’s shares and says it will seek to influence how the railway is run. TCI Fund Management — which in May asked CN to call off its proposed merger with Kansas City Southern — is now CN’s second-largest single shareholder, behind only Cascade […]
