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Hibbing, MN, USA / 93.9 WTBX
Apr 21, 2021 3:15 PM
(Reuters) – Canadian Pacific Railway Ltd posted a 47% rise in first-quarter profit, helped in part by strong freight volumes in its Canadian grain segment.
The results come a day after rival Canadian National offered to buy U.S. railroad Kansas City Southern in a $33.7 billion deal, trumping Canadian Pacific’s $25 billion bid and setting the stage for a bidding war.
(Reporting by Shreyasee Raj in Bengaluru; Editing by Devika Syamnath) ); } return false; }); $( #comments .commentlist .comment-content a ).attr( target , blank );
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Open House Party
CP Rail appeals to U.S. regulator to rule on its KCS bid over rival CN takeover bid
by The Canadian Press
Last Updated Apr 21, 2021 at 11:28 am EDT
CALGARY Canadian Pacific Railway Ltd. says it is appealing to the U.S. regulator that governs railway mergers to dispute a claim by Canadian National Railway Co. that its rival bid for Kansas City Southern will be assessed in the same way as CP’s bid.
On Tuesday, Montreal-based CN announced a cash-and-stock bid valued at US$33.7 billion for Kansas City-based KCS, topping one made last month by Calgary-based CP Rail valued at US$25 billion.
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CALGARY The CEO of Canadian Pacific Railway Ltd. says a rival bid for Kansas City Southern by Canadian National Railway Co. carries a bigger price tag but can t win U.S. regulatory approval because of its negative affects on competition. During the Calgary-based company s first-quarter financial results call Wednesday after markets closed, CP CEO Keith Creel listed off a long series of truths that suggest CP s offer made last month is better for shippers and investors than CN s competing bid made Tuesday. So, were my eyes opened yesterday when I read the press release? The truth is yes, the headline number was undeniably eye-opening: 325 bucks (US per share), Creel said.