Canadian Pacific (CP) has reported that another 80 stakeholders have filed statements with the Surface Transportation Board (STB) “expressing concerns” about the proposed CN-Kansas City Southern (KCS) merger, its use of a voting trust, or both.
CN and Kansas City Southern (KCS) on June 23 cited four letters by rail labor filed with the Surface Transportation Board (STB) in support of their proposed voting trust. Three of those letters, from local general committees of the same union, contradict the international’s position.
Kansas City Southern has asked the Surface Transportation Board to reject Canadian Pacific’s petition for expedited declaratory relief, which KCS claims would assist CP in preparing a “hostile” control application.
CN and Kansas City Southern (KCS) have reported receiving an additional 100 letters in support of their proposed merger, bringing the total to more than 1,500.
Per the Surface Transportation Board’s (STB) request, proposed merger partners CN and Kansas City Southern (KCS) have filed financial documents that will help STB decide whether or not to approve their voting trust agreement. Canadian Pacific, not surprisingly, responded with heavy artillery fire, with support from rail labor.
The Surface Transportation Board (STB) has directed proposed merger partners CN and Kansas City Southern (KCS) to submit by June 14 certain financial documents, which will inform public comments on their voting trust agreement.
CN and Kansas City Southern (KCS) reported June 2 that they have received more than 400 letters of support for their proposed merger since KCS chose to partner with CN on May 21 over rival Canadian Pacific (CP).
Canadian Pacific (CP) reported June 1 that it “remains confident” in its “superior status” as Kansas City Southern’s (KCS) merger partner, noting that more than 130 stakeholders have filed statements with the Surface Transportation Board (STB) requesting the rejection of merger rival CN’s voting trust application.
The war of words between Canadian Pacific and CN isn’t over, with CP on May 27 issuing a statement that its merger rival’s commitment to divest Kansas City Southern’s New Orleans-Baton Rouge line is a “token divestment [that] would not begin to address the competitive issues in the rail corridors running north from Louisiana and Mississippi through America’s heartland, where KCS and CN have historically competed.”
Proposed merger partners CN and Kansas City Southern (KCS) have filed with the Surface Transportation Board (STB) a renewed motion for voting trust approval, which includes a commitment to divest a 70-mile line overlap in Louisiana.