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(File photo by Dave Bedard)
Crops

U.S. regulator approves CP’s purchase of Kansas City Southern

Two U.S. grain grower groups warn of reduced rail competition

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Washington | Reuters — The Surface Transportation Board of the United States said on Wednesday it had approved Canadian Pacific Railway’s US$31 billion acquisition of railroad company Kansas City Southern, with a series of environmental and competition conditions. The board, which oversees U.S. freight railroads, is imposing some requirements on the deal, which was agreed
File photo of a BNSF grain train crossing the Gassman Coulee trestle near Minot, North Dakota. (Photo courtesy BNSF Railway)
Crops

Biden administration makes case for quick Senate vote to avoid rail shutdown

Bill imposing deal on workers clears House

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Washington | Reuters — The Biden administration on Thursday urged the U.S. Senate to quickly pass a bill to block a railroad strike, warning that serious economic disruptions could be felt within days. The U.S. House of Representatives on Wednesday voted to approve a bill to impose a tentative contract deal reached in September on
File photo of a BNSF grain train crossing the Gassman Coulee trestle near Minot, North Dakota. (Photo courtesy BNSF Railway)
Crops, Markets

Biden asks Congress to avert U.S. rail strike

U.S. president warns of dire economic impact

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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
File photo of a CN locomotive in Winnipeg. (Dave Bedard photo)
Crops

Vena withdraws as candidate for CN CEO role

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Reuters — Canadian National Railway said on Monday Jim Vena, who was backed by a group of investors to lead the country’s largest railway operator, had pulled out of the running to serve as its new chief. Shares of CN fell as much as 6.5 per cent on the news. The former Union Pacific executive
File photo of a CN locomotive in Winnipeg. (Dave Bedard photo)
Crops

CN CEO to retire as investor pressure weighs

Shareholder TCI has replacement in mind

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Reuters — Canadian National Railway (CN) said on Tuesday its CEO Jean-Jacques Ruest will retire at the end of January, following investor demands for his exit after the railroad operator’s failed bid for Kansas City Southern. TCI Fund Management, which owns five per cent of Canadian National, in August pitched former Jim Vena — a
(CPR.ca)
Crops

CP, Kansas City lock in new deal as CN steps out

More efficient flow of grain, perishables, machinery parts touted

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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
(File photo by Dave Bedard)
Crops

Kansas City Southern plans to accept CP’s bid

Deal would create new lanes for Prairie freight, CP says

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Reuters — U.S. railway Kansas City Southern said on Sunday it planned to accept Canadian Pacific Railway’s US$27.2 billion cash-and-stock acquisition offer as superior to its US$29.6 billion deal to sell itself to Canadian National Railway. CN now has until the end of Friday to submit a better offer or lose its deal with KCS.
A Kansas City Southern (KCS) rail car at Toluca, Mexico on Oct. 1, 2018. (File photo: Reuters)/Edgard Garrido)
Crops

U.S. regulator rejects CN’s voting trust to buy Kansas City Southern

CP rips CN's play as 'illusory and not achievable'

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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
A Kansas City Southern (KCS) rail car at Toluca, Mexico on Oct. 1, 2018. (File photo: Reuters)/Edgard Garrido)
Crops

U.S. railway’s board sticks with CN’s bid

Kansas City Southern board spurns sweetened CP bid

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The board of directors for a U.S. railway facing takeover bids from each of Canada’s big two railways is sticking with Canadian National Railway’s (CN) proposal. The board for Kansas City Southern (KCS), in a release Aug. 12, said it unanimously agrees an upgraded Aug. 10 cash-and-stock bid from Canadian Pacific Railway (CP) “does not
A Kansas City Southern (KCS) rail car at Toluca, Mexico on Oct. 1, 2018. (File photo: Reuters)/Edgard Garrido)
Crops

Kansas City Southern sticks with CN as CP won’t raise bid

CN confident of regulatory approval

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Reuters — Kansas City Southern on Friday reiterated that Canadian National Railway’s offer was “superior” after Canadian Pacific Railway refused to raise its bid, moving a step closer to creating the largest-ever merger of North American railways by transaction value. The Canadian rivals have been locked in a takeover battle for the U.S. railroad operator

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