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KANSAS CITY, Mo. – Two influential shareholder advisory firms say that Kansas City Southern shareholders should abstain from voting on the Canadian National merger proposal until federal regulators make a key ruling. Institutional Shareholder Services and Glass Lewis, which advise large investment firms regarding proxy votes, have recommended that KCS shareholders abstain until after the […]
KANSAS CITY, Mo. — Kansas City Southern says Canadian Pacific’s sweetened merger offer is not sweet enough. The KCS board today rejected CP’s increased bid, saying that the $31 billion offer made on Tuesday falls short of the $33.6 billion deal it has to merge with Canadian National. KCS also said that it would reschedule […]
CALGARY, Alberta — Canadian Pacific on Tuesday sweetened its offer for Kansas City Southern in the hopes that regulatory uncertainty would unravel Canadian National’s merger agreement with KCS. CP boosted its bid by $2 billion, which values KCS at $300 per share. That’s $25 per share higher than CP’s previous offer but still $25 below […]
KANSAS CITY, Mo. — A shareholder advisory firm has recommended that Kansas City Southern investors approve Canadian National’s $33.6 billion offer to acquire the company. Institutional Shareholder Services, in a report issued Friday, said that the “premium, valuation, and strategic rationale for the transaction are compelling.” KCS shareholders are scheduled to vote on the deal […]
CHICAGO – The North American Rail Shippers association annual meeting, scheduled for Sept. 7-9 at the Sheraton Grand Chicago, now will feature presentations from five Class I railroad chief executives and the president of Genesee & Wyoming’s North American operations. CSX Transportation CEO Jim Foote has been added to the agenda, along with G&W’s Michael Miller. […]
WASHINGTON — On a typical day, BNSF Railway has about 30 international stack trains staged along its main lines, waiting for space to open up at intermodal terminals in Chicago, Memphis, and Alliance, Texas. The terminals are clogged due to an unprecedented combination of record volume and shippers and receivers being slow to pick up […]
JACKSONVILLE, Fla. – Last month, CSX Transportation CEO Jim Foote lamented the shortage of people who want to work in train and engine service. “No way did I or anybody else in the last six months realize how difficult it was going to be to try and get people to come to work these days. […]
CALGARY, Alberta — Canadian Pacific is asking Kansas City Southern stockholders to vote against the railroad’s proposed merger with Canadian National. The railroad filed a proxy statement to that effect on Thursday, with Canadian Pacific CEO Keith Creel saying his railroad would have preferred not to appeal to the KCS shareholders, but that with a meeting […]
CALGARY, Alberta — Canadian Pacific set quarterly records for revenue, earnings, and adjusted operating ratio as second quarter volume bounced back from last year’s pandemic lows. “Behind those numbers obviously is a very impressive operating performance,” CEO Keith Creel says, rattling off a list of key metrics that improved, including train length and weight and […]
CHICAGO – The North American Rail Shippers Association annual meeting, scheduled for Sept. 7-9 at the Sheraton Grand Chicago, will feature presentations from four Class I railroad chief executives. Confirmed speakers include BNSF Railway CEO Katie Farmer, Union Pacific CEO Lance Fritz, Kansas City Southern CEO Pat Ottensmeyer, and Canadian National CEO JJ Ruest. Surface […]
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 July 29, 2021. HO scale locomotives Canadian National GP9RM diesel locomotive kit. […]
WASHINGTON — The chairman of the House Committee on Transportation and Infrastruture has voiced his opposition to a voting trust while regulators consider the proposed merger of Canadian National and Kansas City Southern. Rep. Peter DeFazio (D-Ore.) said in a Monday letter to the Surface Transportation Board that the trust would “reduce competition and prejudice […]
