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LONDON — Activist investor TCI Fund Management, which is seeking to oust Canadian National’s top management, criticized the railway’s corporate governance practices today after the resignation of one of CN’s board members. “It has come to our attention that Julie Godin, CN’s youngest female director, resigned from the Board on September 16, 2021 — the […]
Canadian Pacific CEO Keith Creel — who last week won a hard-fought, four month merger battle to acquire Kansas City Southern — is fully aware that the first Class I railroad combination in two decades is history in the making. “We’ve got some history that we’re very proud of with Canadian Pacific. We drove the […]
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 […]
LONDON — Activist investor TCI Fund Management has formally requested a special meeting of Canadian National’s shareholders and named four individuals it will nominate for the railroad’s board of directors. “We did not seek a proxy fight,” Chris Hohn, TCI founder and managing partner, said in a Monday press release, “but without urgent action CN’s […]
KANSAS CITY, Mo. — Kansas City Southern will hold a fundraising effort to benefit the Salvation Army to mark the 21st anniversary of its Holiday Express program, but the Holiday Express train will not run for a second consecutive year because of the ongoing COVID-19 pandemic. “While it’s still not safe to gather for visits […]
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,” […]
Product news Model railroad operators and builders can get the latest information about locomotives, freight cars, passenger cars, tools, track, and more by reading Model Railroader’s frequent product updates. Here are the products Model Railroader editors have news on for the week of September 9, 2021. HO scale locomotives Electro-Motive Division MP15 diesel locomotive. CSX […]
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 […]
NEW ORLEANS — Union Pacific has reopened its line between St. James, La., and New Orleans, after Kansas City Southern restored service on Thursday. In a Friday notification to customers, UP said it has generators in place to operate signals and crossing gates until power is restored. The railroad’s Avondale, La., intermodal terminal remains closed […]
TORONTO — Activist investor TCI Fund Management says it is building support among other shareholders for its effort to replace Canadian National’s CEO and board chairman in the wake of the regulatory setback for CN’s effort to purchase Kansas City Southern. The Toronto Globe and Mail, in a paywalled article, reports TCI partner Ben Walker […]
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 […]
