FINANCIAL EDGE, RAILWAY AGE MAY 2021 ISSUE: The scuffle between CP and CN to acquire Kansas City Southern requires comment. In the 2021 Railroad Financial Desk Book, it was noted that KCS’s
CN reported May 7 it will purchase 1,000 high-capacity hopper cars from TrinityRail, a move that follows 14 consecutive months of record grain hauls as demand continues to grow in Canada and abroad.
The Surface Transportation Board on May 6 approved, by unanimous vote, a voting trust for Canadian Pacific’s proposed merger with Kansas City Southern. “The Board finds that formal Board review of the voting trust agreement proposed for use in connection with this transaction is warranted and determines that the proposed arrangement is acceptable with certain modifications,” STB wrote in Docket No. FD 36500.
Customers and other stakeholders are voicing support as well as concerns to the Surface Transportation Board (STB) about CN’s proposed combination with Kansas City Southern (KCS), according to simultaneous press releases from CN and Canadian Pacific.
The letters continue! CN President and CEO JJ Ruest and COO Rob Reilly issued an open letter to the Kansas City Southern (KCS) community on May 3, regarding the railroad’s “superior proposal”
Canadian Pacific on April 30 filed a formal objection with the Surface Transportation Board stating that CN “does not qualify for a waiver of the STB’s rules for major transactions, with respect to CN’s unsolicited proposal for Kansas City Southern.”
As part of the NEARS (Northeast Association of Rail Shippers) virtual conference, Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl hosted Canadian Pacific President and CEO Keith Creel in a “fireside chat” to discuss the proposed merger between CP and Kansas City Southern.
One month 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
The CN Board of Directors appointed Roberta Louise Jamieson and Murray Sinclair as Co-Chairs of the Indigenous Advisory Council (IAC); Norfolk Southern (NS) elevated Frank Voyack to Vice President of Government Relations, succeeding Marque Ledoux; Bluejay Capital Partners hired Pierre-Luc Mathieu as Managing Partner; and STV promoted Paul Menaker to Vice President.
Yet another letter. Be warned: This one, nearly 3,000 words, is from Canadian Pacific’s attorney to the Surface Transportation Board. It essentially says CN has it totally wrong by asking the STB to approve a voting trust for its proposed acquisition of Kansas City Southern under the same conditions as a CP-KCS combination.