The Surface Transportation Board (STB) decided May 17 that CN’s proposed merger with Kansas City Southern (KCS) will be reviewed under its current merger rules and CN’s motion to approve a proposed voting trust agreement has been denied as incomplete, “without prejudice to filing a new motion.”
In a May 14 filing with the Surface Transportation Board, the United States Department of Justice has said CN’s application for a voting trust to acquire Kansas City Southern should be denied, because the proposed merger “raises sufficient competition concerns.”
Canadian Pacific President and CEO Keith Creel, Executive Vice President Operations Mark Redd and Executive Vice President and Chief Marketing Officer John Brooks discuss CP’s proposed merger with Kansas City Southern with
Kansas City Southern (KCS) appoints Vice President Transportation; Pioneer Lines names Chief Financial Officer and Chief Commercial Officer; and Regional Rail selects Vice President, Strategic Projects.
Another 180 customers and stakeholders have submitted letters to CN in support of its proposed combination with Kansas City Southern (KCS), its use of a voting trust, or both, upping the total to more than 1,000, CN reported May 12. All have been filed with the Surface Transportation Board (STB).
As Canadian Pacific and CN vie for a merger with Kansas City Southern, the letters of support for both potential transactions continue to pile up at the Surface Transportation Board. On May 10, it was CP’s turn to up its count, as it reported 131 new letters.
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
Mississippi’s Gulf & Ship Island Railroad will resume service along the Seaway lead in the Bernard Bayou industrial park, with The Chicago Rock Island & Pacific Railroad LLC (The Rock) as operator.
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.
The Science Based Targets initiative (SBTi) has approved Kansas City Southern’s (KCS) greenhouse gas (GHG) emissions reduction targets that align with the Paris Agreement.
