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Rail shippers pick sides as CP, CN bid for Kansas City Southern
04/26/2021 | 01:39pm EDT
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WINNIPEG, Manitoba, April 26, (Reuters) - North America s
freight rail customers, from grain shippers to logistics
companies, are choosing sides as Canadian Pacific Railway Ltd
and Canadian National Railway fight to buy Kansas City Southern.
A takeout of KCS, would be the first major North
American railroad combination in more than 20 years and create
the first network to include the United States, Canada and
Mexico.
CN, Canada s biggest railroad, made an unsolicited
$30 billion bid for KCS on Tuesday, topping CP s agreed
KC Southern suitors both name former CEO Starling as trustee - Kansas City Business Journal bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
4/26/2021 By Rod Nickel WINNIPEG, Manitoba, April 26, (Reuters) - North America s freight rail customers, from grain shippers to logistics companies, are pushing for Canadian Pacific Railway Ltd to win a bidding war for Kansas City Southern over rival Canadian National Railway, eyeing stronger competition and swifter service. A takeout of KCS, would be the first major North American railroad combination in more than 20 years and create the first network to include the United States, Canada and Mexico. CN, Canada s biggest railroad, made an unsolicited $30 billion bid for KCS on Tuesday, topping CP s agreed $25 billion bid, but CP said last week it was not considering raising its offer.
Provided by Dow Jones By Micah Maidenberg Canadian National Railway Co. reported demand picked up in the first quarter but a weaker profit, a performance that comes as the company works to acquire Kansas City Southern, a railroad that struck a deal to merge with rival Canadian Pacific Railway Ltd. Canadian National on Monday reported net income of Canadian $974 million, equivalent to $780.5 million, down from C$1.01 billion, for the year-earlier period. Earnings fell to C$1.37 from C$1.42 on a per-share basis. On an adjusted basis, earnings were C$1.23 a share for the first quarter. Revenue slipped to C$3.54 billion from C$3.55 billion.