KANSAS CITY, Mo. – Kansas City Southern has officially terminated its merger agreement with Canadian Pacific and chosen to partner with Canadian National in a $33.6 billion deal to create the first railroad linking Canada, the U.S., and Mexico. “We are thrilled that KCS has agreed to combine with CN to create the premier railway for […]
MONTREAL – Canadian National has no plans to back off from its proposed acquisition of Kansas City Southern and remains confident that it can obtain the necessary regulatory approvals to create the first railroad linking Canada, the U.S., and Mexico, CEO JJ Ruest said today. Ruest’s comments came a day after CN’s fifth-largest shareholder, TCI […]
MONTREAL — Canadian National today filed its Kansas City Southern merger agreement with federal regulators, and asked the Surface Transportation Board to adopt an expedited schedule for reviewing its request to put KCS into a voting trust. In what CN termed a procedural move, the STB on Monday denied CN’s request to place KCS into […]
If Canadian Pacific does not top Canadian National’s $33.6 billion offer for Kansas City Southern in the next five days, a CN-KCS merger would proceed toward the approval process. First, KCS shareholders must approve the deal announced yesterday, which would give them $200 per share in cash, along with 1.129 shares of CN common stock, […]
MONTREAL — The battle for Kansas City Southern appears to be over. KCS on Thursday accepted Canadian National’s $33.6 billion bid to create the first railroad linking Canada, the U.S., and Mexico. KCS said it would break the $29 billion merger agreement it reached in March with Canadian Pacific in favor of CN’s “superior offer.” […]
Canadian Pacific and Canadian National both reacted positively Thursday evening to a Surface Transportation Board decision allowing CP to place Kansas City Southern into a voting trust as part of its merger plans. CP calls it a “critical milestone” in its bid, while CN says it is encouraged the voting trust that is part of […]
MONTREAL – As part of its proposed acquisition of Kansas City Southern, Canadian National envisions spending $250 million to create an upgraded route linking Kansas City, Mo., with Eastern Canada via Springfield, Ill. The big prize in a CN-KCS merger is connecting Canada, the U.S., and Mexico. But the combined CN-KCS route to Kansas City would […]
MONTREAL — Canadian National has ordered 75 locomotives for delivery this year and next in order to handle projected traffic growth. CN, which made the announcement on Monday during its quarterly earnings call, is the only Class I railroad to place a locomotive order this year. The railway’s board approved the order before CN made its […]
KANSAS CITY, Mo. — Kansas City Southern will begin discussions with Canadian National over its offer for the railroad after the KCS board of directors determined the CN bid could reasonably be expected to lead to a “company superior proposal,” as defined in its merger agreement with Canadian Pacific, KCS announced in a Saturday press […]
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. […]
MONTREAL – Canadian National today rebutted Canadian Pacific’s criticism of its dueling bid for Kansas City Southern, saying its higher offer is superior, will enhance competition, and clear regulatory hurdles. “Rather than acknowledge the clear and substantial superiority of CN’s proposal for KCS shareholders, CP has sought to distract investors and attack CN’s proposal with a […]
MONTREAL — Canadian National argues that its proposed combination with Kansas City Southern will offer shorter, faster, and more efficient routes than tying together the Canadian Pacific and KCS networks. And that less complicated route structure, CN contends, will enable a CN-KCS system to successfully gain north-south traffic that currently moves by truck between Mexico, the […]
