More Unions Across North America Call on STB to Reject CN Voting Trust
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SMART-TD Chair Representing Kansas City Southern Employees Highlights Negative Impacts Associated with a CN Combination
CALGARY, AB, June 28, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ( CP ) announced today that unions representing railroad employees across the U.S., including SMART-Transportation Division ( SMART-TD ) General Committee GCA-457 representing Kansas City Southern ( KCS ) employees, have written letters urging the Surface Transportation Board ( STB ) to reject Canadian National s ( CN ) proposed use of a voting trust.
Many of the unions express concerns about job loss, increased CN debt load and regulatory challenges a CN/KCS transaction would face. Excerpts from the letters include:
Canadian Pacific Urges STB To Reject CN - KCS Voting Trust Application
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North Dakota Congressional Delegation Submits Letter to STB Supporting a Canadian Pacific Combination with Kansas City Southern
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CP Remains Confident in Superior Status as Only Viable Class 1 Combination with KCS
CALGARY, AB, June 1, 2021 /CNW/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ( CP ) today announced that more than 130 stakeholders have filed statements with the Surface Transportation Board ( STB ) requesting the STB reject Canadian National s ( CN ) proposed use of a voting trust. This brings the total letters submitted to more than 960, including 250-plus expressing concern about CN and Kansas City Southern s ( KCS ) combination, its use of a voting trust, or both, and more than 730 in support of CP-KCS.
The opposition letters – from a range of stakeholders including shippers, ports, local governments, transportation associations and other stakeholders – highlight the extensive risks the proposed CN-KCS voting trust poses to competition by reducing shipper options. Stakeholders also expressed strong concerns over the likelihood of reduced service quality and infrastructure invest