The Daily Chase: KC Southern choosing CN over CP; momentum pushes stocks higher
Canadian National Railway has elbowed Canadian Pacific out of the way with a sweetened takeover proposal that Kansas City Southern said itâs prepared to accept. CN won the day with a more generous exchange ratio and by dangling $700 million to cover KCSâs break fee for walking away for CP. But itâs still not a done deal. Canadian Pacific has at least five days to win back Kansas Cityâs favour; though in a release last night it reiterated that it will not âenter into a bidding war.â Weâll chase insight on what might happen next and the regulatory hurdles ahead.
Feds, province pledge $3.4B for Hamilton LRT, city will have to pay operating costs: sources
The federal and provincial governments will each put forward $1.7 billion toward a light-rail transit system in Hamilton. If the city agrees, it will be responsible for the operating costs.
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Ottawa and Ontario to spend $3 4-billion to build light-rail transit line in Hamilton theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
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The Hamilton LRT project has been the subject of controversy for years after it was cancelled by the Progressive Conservatives in December 2019.
That sparked outrage in the city, with local officials calling it a betrayal that would hurt both the municipal and provincial economy.
The project was initially estimated to cost $1 billion when the province’s previous Liberal government committed to funding it in 2014.
The Progressive Conservatives promised during the 2018 election to move ahead with it, then re-committed to it in their 2019 budget last March before cancelling it later that year citing billions in cost escalation.
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TORONTO Ottawa and Ontario say they will spend $3.4 billion to build a light-rail transit line in Hamilton.
The federal and provincial governments announced they will each contribute $1.7 billion to the 14-kilometre line to advance the shovel-ready project.
They say the project will create thousands of jobs and improve public transit in the city.
The 17-stop line will run from Hamilton s Eastgate Square through the city s downtown core to McMaster University.
The funding is part of a broader $12-billion federal transit spending package announced earlier this week that includes more than $10 billion for four projects in the Greater Toronto Area.
Those projects were first announced in April 2019, when Premier Doug Ford unveiled a $28.5-billion transit plan for the GTA.