BPI eyes acquiring Citi s Philippine retail business
Apr 22, 2021 3:30 PM PHT
Ayala-led Bank of the Philippine Islands (BPI) is looking at acquiring Citi s retail business, as the foreign bank announced its exit from the Philippines.
In a briefing on Thursday, April 22, BPI chief executive officer Jose Teodoro TG Limcaoco said they find Citi s portfolio and client base attractive. We have always been admirers of Citi s retail business. It is an excellent franchise, and for the longest time, we have always looked at it, but we never believed Citibank would give up on the Philippines, Limcaoco said. As soon as there is any information, we will take a look at it and most likely, we will be interested.
CNI) - Get Report rival bid for Kansas City Southern (
KSU) - Get Report Wednesday, arguing the $30 billion takeover would stifle competition and raise freight prices.
In a letter to the Surface Transportation Board, which must approve what it deems to be major transactions in the sector, Canadian Pacific said the proposed tie-up between Canadian National and Kansas City Southern would reduce competitive options for countless shippers given that they operate parallel lines in key hubs such as New Orleans, Mobile, Alabama, and through eastern Nebraska and western Iowa.
Canadian National said Tuesday it will offer $200 in cash, as well as company stock, in a deal that values Kansas City Southern at $325 per share, a 45% premium to the stock s closing price on March 19 and a 21% improvement to Canadian Pacific s agreed $25 billion bid.
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The railroad barons are at it again.
Canadian National Railway on Tuesday offered to buy Kansas City Southern for $33.7 billion, topping a $29 billion bid put forward last month by a rival railroad operator, Canadian Pacific.
The competing offers underline the riches expected to come from trade flows after the United States-Mexico-Canada Agreement was passed into law last year. A merger with either suitor would create a railroad line that stretches from Canada to Mexico. In the already consolidated railroad industry, few lines are left to bid on let alone deals that will be approved by regulators.
Canadian National said in a letter to Kansas City board that the company had spent “considerable time and resources analyzing a potential combination of our two companies.” It argues its offer represents “an unparalleled opportunity to create a premier railway for the 21st century.”