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CALGARY, AB, April 21, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced first-quarter operating results, including revenues of $1.96 billion, an operating ratio ( OR ) of 60.2 percent, adjusted OR of 58.5 percent, diluted earnings per share ( EPS ) of $4.50 and adjusted diluted EPS of $4.48. The strong demand environment, particularly across bulk, merchandise and domestic intermodal, coupled with our commitment to the foundations of precision scheduled railroading enabled our success in the first quarter, said Keith Creel, CP President and Chief Executive Officer. The CP family demonstrated resiliency through winter and delivered a record March. Our 12,000-strong team continues to deliver, no matter the obstacles, and I am extremely proud of their efforts.
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CALGARY, AB, April 21, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) announces that all resolutions placed in front of shareholders at its 2021 annual and special meeting earlier today have been passed, including (i) the election of all 11 nominees listed in the management proxy circular dated March 10, 2021 as directors of CP, and (ii) the special resolution approving the five-for-one share split of CP s issued and outstanding common share (the Share Split ). Further details regarding the implementation of the Share Split are set out below.
All directors received at least 95.62 percent of votes cast, the advisory vote on executive compensation (Say-on-Pay) received 96.65 percent approval, the Share Split received 99 percent approval and the non-binding and the advisory shareholder proposal on climate change submitted by TCI Fund Management Limited received 85.36 percent approval. The detailed results of the vot
CN, Kansas City Southern merger would target competition from trucks
CN sees $8 billion in growth opportunities post-merger
2 957 5 minutes read A Kansas City Southern train heads to its next destination. (Photo: Jim Allen/FreightWaves)
A merger between Canadian railway CN (NYSE: CNI) and Kansas City Southern (NYSE: KSU) would created a formidable opponent for what should be the industry’s largest threat: long-haul trucking, CN executives said Tuesday morning in their pitch to acquire Kansas City Southern (KCS).
“What’s really missing in North America at this point is a true north-south railroad … that can really rival with truck,” said CN President and CEO JJ Ruest in a call explaining the bid to Wall Street analysts and investors.
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Canadian railwayCN (NYSE: CNI) has offered to acquire
Kansas City Southern(NYSE: KSU) in a cash-and-stock transaction worth $33.7 billion, or $325 per share.
CN rival
Canadian Pacific (NYSE: CP) last month announced plans to acquire Kansas City Southern (KCS) for $29 billion.
CN said Tuesday morning the offer provides greater value and certainty to KCS shareholders. CN also will seek to establish a voting trust to acquire KCS, which is what CP was planning on doing for its merger with KCS. Under the terms of the superior proposal made today to KCS board of directors, following closing into a voting trust, KCS shareholders will receive $200 in cash and 1.059 shares of CN common stock for each KCS common share, CN said in a release. Based on yesterday s closing price of CN shares, CN s proposal is valued at $325 per KCS share. This represents an implied premium of 45% when compared to KCS unaffected closing stock price on March 19, 2021, and a 21% improvement ove