Washington | Reuters — U.S. President Joe Biden on Monday called on Congress to intervene to avert a potential rail strike that could occur as early as Dec. 9, warning of a catastrophic economic impact if railroad service ground to a halt. Biden asked lawmakers to adopt the tentative deal announced in September “without any […] Read more
Biden asks Congress to avert U.S. rail strike
U.S. president warns of dire economic impact
CP, Kansas City lock in new deal as CN steps out
More efficient flow of grain, perishables, machinery parts touted
Canadian Pacific Railway and U.S. railway Kansas City Southern on Wednesday again formalized their engagement after competing suitor Canadian National Railway walked away from the table. CP and KCS, which reported “unanimous” support from both companies’ boards, have entered a merger agreement committing CP to pay about $31 billion in cash and stock, or about […] Read more
U.S. regulator rejects CN’s voting trust to buy Kansas City Southern
CP rips CN's play as 'illusory and not achievable'
Reuters — The U.S. rail regulator on Tuesday rejected a voting trust structure that would have allowed Canadian National Railway (CN) to proceed with its US$29 billion proposed acquisition of U.S. peer Kansas City Southern. The decision was a blow to the deal that would create the first direct railway linking Canada, the U.S. and […] Read more
CN shareholder urges changes to Kansas City Southern deal
Fund manager also holds stake in CP
Reuters — Billionaire hedge fund manager Chris Hohn on Tuesday urged Canadian National Railway to abandon its $33.6 billion bid for Kansas City Southern unless the Canadian railway changed its agreement to drop a key feature that could invite more regulatory scrutiny. Hohn’s TCI Fund Management, which has a 2.93 per cent stake in CN, […] Read more
Canadian Pacific to buy Kansas City Southern in bet on trade
Biggest North American rail deal ever valued at US$25 billion
Reuters — Canadian Pacific Railway (CP) agreed on Sunday to acquire Kansas City Southern in a US$25 billion cash-and-stock deal to create the first railway spanning the United States, Mexico and Canada, standing to benefit from a pickup in trade. It would be the largest ever combination of North American railways by transaction value. It […] Read more
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