Canadian Pacific Rail locomotives sit idle at the company s Port Coquitlam yard east of Vancouver, B.C., on May 23, 2012. THE CANADIAN PRESS/Darryl Dyck
Canadian Pacific Railway Ltd.’s largest shareholder has called on CN Rail to drop its bid for Kansas City Southern because of the sizable break fee CN Rail would be forced to pay if its voting trust is not approved by the U.S. railway regulator.
Britain’s TCI Fund Management – which also owns a three per cent stake in CN Rail – made the appeal in a letter to CN’s board after the U.S. Surface Transportation Board ruled Monday that its proposed US$33.6-billion deal with KCS must be based on stricter merger rules.
CP Rail s largest shareholder urges CN Rail to abandon bid for Kansas City Southern
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Major CN shareholder calls for end of pursuit of Kansas City Southern
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TCI tells CN Rail s board its KCS bid negligent
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