STB Applies heavier Burden and Greater Scrutiny to CN Bid for KCS, Underscoring Heightened Regulatory Risk prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
/PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ("CP") today provided the following statement regarding Kansas City Southern s ("KCS").
CP Concurs with DOJ Comment Affirming Anticompetitive Nature of CN Bid for KCS
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CP-KCS Remains Only Class 1 Transaction with Ability to Close into Voting Trust
CALGARY, AB, May 14, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ( CP ) today issued the following statement in response to the Department of Justice ( DOJ ) filing with the Surface Transportation Board ( STB ) regarding Canadian National s ( CN ) proposed use of a voting trust in connection with its proposed combination with Kansas City Southern ( KCS ).
CP concurs with the DOJ s objection to CN s application forproposed use of a voting trust on the grounds that a CN merger with KCS would pose greater risks to competition than the CP-KCS agreement. The filing notes: A CN-KCS transaction poses additional dangers to competition stemming from the potential elimination of direct, parallel competition on routes served by both railroads, fo
Supporters Urge the STB to Review the Transaction Efficiently to Realize Benefits to All Stakeholders
CALGARY, AB, May 10, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ( CP ) today announced that another 131 stakeholders filed statements with the Surface Transportation Board ( STB ) on May, 8, 2021 in support of its planned, friendly merger with Kansas City Southern ( KCS ), bringing the total to close to 550 supporters across the transportation supply chain in North America.
The statements follow previous filings with the STB in support of the CP-KCS transaction and those opposing Canadian National s counterbid for KCS. Customers and other supporters stated they expect the combination of CP and KCS would, among other benefits, invigorate transportation competition, expand access to existing and growing markets and provide new service offerings that would improve transit times and reliability along the Canada-U.S.-Mexico corridor.
Canadian Pacific Gets Voting Trust Approval From STB For Kansas City Southern Deal
OTTAWA (dpa-AFX) - Canadian Pacific Railway Limited (CP, CP.TO) said that it has received a voting trust approval from Surface Transportation Board for its planned acquisition of Kansas City Southern (KSU) or KCS.
In order to close into voting trust, the transaction requires approval from shareholders of both companies along with satisfaction of customary closing conditions. CP would then acquire KCS shares and place them into the voting trust, at which point KCS shareholders will receive their consideration.
In March, Canadian Pacific Railway agreed to acquire Kansas City Southern in a stock and cash transaction representing an enterprise value of about $29 billion. The deal included the assumption of $3.8 billion of outstanding Kansas City Southern debt.