Bose Federal Railroad Administrator Nominee
As largely expected, President Joe Biden will nominate current Deputy Federal Railroad Administrator Amit Bose as FRA Administrator, the White House announced April 23.
As largely expected, President Joe Biden will nominate current Deputy Federal Railroad Administrator Amit Bose as FRA Administrator, the White House announced April 23.
The letters keep coming! CN on April 23 filed a letter with the Surface Transportation Board regarding CN’s “superior proposal to acquire Kansas City Southern in a cash-and-stock transaction valued at $33.7
On Union Pacific’s April 22 1Q2021 earnings call, chief executive Lance Fritz was peppered with questions about the potential implications of Canadian Pacific or CN acquiring Kansas City Southern. Following is a transcript (edited for clarity) of Fritz’s responses to those questions.
Just when we thought Railway Age would get a brief break from publishing letters about mergers, here’s another one, from the North Dakota Grain Dealers Association (NDGDA) to the Surface Transportation Board re-iterating its support of the Canadian Pacific-Kansas City Southern combination.
Knorr Brake Company LLC (KBC), the U.S. passenger rail subsidiary of Knorr-Bremse, has secured a subcontract with Stadler US Inc. to supply braking systems for 254 railcars (127 two-car sets) Stadler is building for MARTA (Metropolitan Atlanta Rapid Transit Authority). Exact contract terms were undisclosed; KBC said the amount is a “lower-double-digit million-euro sum.”
Letters, Kansas City Southern gets letters. CN President and CEO JJ Ruest has responded to Canadian Pacific President and CEO Keith Creel’s April 21 letter to KCS President and CEO Pat Ottensmeyer
Resurrecting a position that was abolished more than 40 years ago, the U.S. Department of Transportation is appointing a Chief Science Officer for the entire agency, and has taken additional steps “to act on the Biden-Harris Administration’s commitment to address the climate emergency and restore scientific integrity.” And the Federal Transit Administration has made available $10 million in TOD (transit-oriented development) planning grant funds.
Canadian Pacific President and CEO Keith Creel on April 21 issued a letter to his counterpart and intended merger partner, Kansas City Southern President and CEO Pat Ottensmeyer, stating that CP is
CN on April 21 submitted to the U.S. Surface Transportation Board a prefiling notification of its intent to file an application seeking authority to combine with Kansas City Southern “further to CN’s superior proposal for a cash-and-stock transaction valued at $33.7 billion, or $325 per share.”
Perhaps not so surprisingly, almost exactly one month to the day after Canadian Pacific and Kansas City Southern announced their intent to merge into CPKC (Canadian Pacific Kansas City), CN made a counter-offer it said is a “superior proposal” that “will result in a safer, faster, cleaner and stronger railway.” CN’s proposal of $325 per KCS share “represents a 21% premium over the implied value of the CP transaction and values KCS at an enterprise value of $33.7 billion.”