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Canadian Pacific Comments on Procedural Update From Kansas City Southern
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Canadian Pacific Comments on Procedural Update From Kansas City Southern
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An additional 48 statements outlining support of CP-KCS combination over unsolicited CN proposal also filed
CALGARY, AB, April 23, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ( CP ) announced today that 416 shippers and stakeholders have now filed statements with the Surface Transportation Board ( STB ) in support of the planned combination with Kansas City Southern ( KCS ).
An additional 48 statements outlining support of the CP-KCS combination over the unsolicited Canadian National ( CN ) proposal have also been filed with the STB.
These statements underscore that the STB should treat each of these proposals on its own fact-based merits: the CP-KCS transaction that is straightforward and plainly procompetitive and thus appropriately reviewed under the extant KCS waiver from the 2001 rules, and the very different CN-KCS proposal, which CN acknowledges should be reviewed under the 2001 rules, and which raises all of the concern
CN Letter: Former STB General Counsel Weighs In
April 23, 2021
Inset: Former STB General Counsel Ray Atkins. CN image by CN. Composite illustration: Railway Age.
The letters keep coming! CN on April 23 filed a letter with the Surface Transportation Board regarding CN’s “superior proposal to acquire Kansas City Southern in a cash-and-stock transaction valued at $33.7 billion, or $325 per share.” CN “lays out in detail why its proposal is pro-competitive and in the best interest of customers, and corrects misleading statements submitted to the STB by Canadian Pacific Railway Limited.”
The letter, reproduced here, is from former STB General Counsel Raymond A. Atkins, Ph.D., now with the international law firm Sidley. It is addressed to STB Chief, Section of Administration, Office of Proceedings Cynthia T. Brown:
Canadian National Railway (CNI) in letter to STB details why its superior proposal is procompetitive and in best interest of customers
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