Canadian Pacific Comments on Inadequate Commitment from Canadian National to Divest KCS Line Between New Orleans and Baton Rouge
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Commitment Does Not Eliminate Anti-Competitive Issues with CN Proposal
CALGARY, AB, May 27, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today issued the following statement in response to Canadian National s ( CN ) commitment to divest Kansas City Southern s ( KCS ) line between New Orleans and Baton Rouge:
CN s commitment to divest this 70-mile line is clear recognition by CN that it and KCS have always been head-to-head competitors, contrary to CN s repeated claims that the combination was end-to-end. However, CN s commitment does not come close to solving the anti-competitive problems inherent in the proposed CN/KCS transaction.
/PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) sent the following letter to the Surface Transportation Board ("STB") today in response to.
Canadian Pacific Railway Says Remains Ready To Re-engage With KCS
OTTAWA (dpa-AFX) - Canadian Pacific Railway Limited (CP, CP.TO) announced Friday in a letter sent to the Surface Transportation Board (STB) that it remains ready to engage with Kansas City Southern (KSU) or KCS, to enter into another agreement to acquire KCS. It added that the new agreement can be substantially in the same lines of the terminated agreement, which was already reviewed by the Board.
The KCS Board of Directors recently decided to terminate the previous Merger Agreement with Canadian Pacific. In March, Canadian Pacific agreed to acquire KCS in a stock and cash transaction representing an enterprise value of about $29 billion.
Canadian National Ry. – Control – Kansas City Southern
Dear Ms. Brown:
I am writing on behalf of the Canadian Pacific
1 in response to the Motion to Adopt Procedural Schedule for Renewed Motion for Approval of Voting Trust Agreement (CN-15) filed by Canadian National ( CN ) this morning.
CN s proposed three business day period for public comment on a Renewed Motion it has not yet prepared or filed is not constructive,
2 and is based on the false premise that members of the public were under an obligation to respond yesterday (
i.e., were only a few hours from the deadline to do so ) to CN s previous motion for voting trust approval. The Board should not be cowed by CN s gamesmanship and aggressive tactics.
STB Applies heavier Burden and Greater Scrutiny to CN Bid for KCS, Underscoring Heightened Regulatory Risk
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Decision Follows DOJ Comments Citing CN Proposal as Having greater risk to competition than CP agreement
Voting Trust Already Approved for Use in CP/KCS Transaction Highlights CP Agreement as Superior to CN Offer
CALGARY, AB, May 17, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ( CP ) today issued the following statement in response to the Surface Transportation Board s ( STB ) decision to apply the newer, more stringent merger rules to Canadian National s ( CN ) proposed acquisition as well as its effort to obtain approval to use a voting trust in connection with its proposed combination with Kansas City Southern ( KCS ):