Proposed merger partners CN and Kansas City Southern (KCS) have submitted to the Surface Transportation Board (STB) a reply to comments filed on the railroads’ voting trust agreement. They detailed why the trust should be approved. KCS rival merger partner Canadian Pacific (CP) is unconvinced.
At Cowen and Company, we are adjusting our rail models in advance of second-quarter earnings reports due later this month from the Class I railroads. The models reflect carloads in the quarter, mix, fuel, FX (foreign exchange) and cost implications as the supply chain remains tight.
Kansas City Southern (KCS) on July 1 released its sustainability report for 2020, focusing on three key areas: “delivering prosperity, valuing people and protecting the planet.”
Following the closing of the public comment period for the CN voting trust, which ended June 28, we are re-calibrating our expectations and now believe there to be a ~60% chance the Surface Transportation Board approves it. Our viewpoints swayed slightly in favor of CN following a closer look at the public comments over the past 20 days.
The Request for Proposal (RFP) process is now under way for program management/program controls services for the development of Port of New Orleans’ (Port NOLA) Louisiana International Terminal.
Kansas City Southern (KCS) and Midstream Texas Operating LLC (MTO) on June 29 reported their long-term agreement to provide truck-to-rail transloading services for petroleum and petrochemicals from Corpus Christi, Tex., into Mexico.
Amtrak has asked the Surface Transportation Board (STB) to reject CN’s use of a voting trust in its proposed combination with Kansas City Southern (KCS). The passenger railroad’s comments were filed June 28, along with those from Canadian Pacific (CP), KCS’ rival merger partner.
Proposed merger partners CN and Kansas City Southern (KCS), and KCS rival partner Canadian Pacific, on June 28 reported additional support for their respective combinations. It is the final day of the Surface Transportation Board’s (STB) public comment period on the CN-KCS voting trust.
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.