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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
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

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
CN locomotives in Winnipeg. (Photo courtesy CN)
Crops

CN shareholder urges changes to Kansas City Southern deal

Fund manager also holds stake in CP

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

CN bid for U.S. railway poses greater risk to competition, DOJ says

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Reuters — The U.S. Department of Justice said on Friday that Canadian National Railway’s bid for U.S. railway operator Kansas City Southern appears to pose greater risks to competition than a rival agreement with Canadian Pacific Railway. The development comes as KCS on Thursday accepted CN’s $33.6 billion acquisition offer, upending the $29 billion deal
A freight train at Manchac, La., about 75 km east of Baton Rouge. (CN.ca)
Crops

Kansas City Southern accepts new CN bid over CP’s

CN offers to cover KCS's breakup fee with CP

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Reuters — U.S. railway operator Kansas City Southern said Thursday it had accepted Canadian National Railway’s $33.6 billion acquisition offer, upending a $29 billion deal with its competitor Canadian Pacific Railway. The development, first reported by Reuters, gives CP five business days to make a new offer for Kansas City Southern. Were CP to table
A freight train at Manchac, La., about 75 km east of Baton Rouge. (CN.ca)
Crops

U.S. rail regulator tackles railroads over customer complaints

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Reuters — The top U.S. rail regulator has asked major railroads for information on service levels before meeting disgruntled shippers and other customers over complaints about service delays and higher costs. In letters to the CEOs of the railroads, dated Friday and posted Monday on the U.S. Surface Transportation Board’s (STB) website, the regulator requested
(CSX.com)
Crops

CSX customers demand end to shipping bottlenecks

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Reuters — The head of No. 3 U.S. railroad CSX promised on Wednesday to improve service as companies such as Cargill demanded greater accountability and fewer delays, criticizing an overhaul CSX launched six months ago. Customers have complained of longer transit times, unreliable switching operations, inefficient car routings and poor communications with CSX customer service.
(CSX.com)
Crops

CSX tackling service issues, CEO tells rail regulator

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Detroit | Reuters — CSX Corp. said it is dealing with service issues even as it forges ahead with a controversial overhaul of its network that has led dozens of trade groups to call for an investigation into disruptions at the No. 3 U.S. railroad. In a letter released by the regulator on Monday, CSX

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