Welcome to our dedicated page for Canadian National Railway news (Ticker: CNI), a resource for investors and traders seeking the latest updates and insights on Canadian National Railway stock.
Canadian National Railway Company (CNI) is a premier Class I freight railway headquartered in Montreal, Quebec. With a rail network that extends from Canada's Atlantic and Pacific coasts through the Midwest and Southern United States, CN is a critical link in the North American transportation chain.
In 2023, CN reported impressive revenues of CAD 16.8 billion. The company's diversified portfolio includes hauling intermodal containers (23% of total revenue), petroleum and chemicals (19%), grain and fertilizers (19%), forest products (12%), metals and minerals (12%), automotive shipments (6%), and coal (6%). This broad range of commodities showcases CN's versatility and essential role in various industries.
CN is not just about moving goods; it's about facilitating commerce and driving economic growth. The company is renowned for its commitment to innovation and efficiency in the rail industry. Recent achievements include maintaining robust operations despite global challenges and announcing plans to relocate its head office to Kevric’s latest redevelopment in downtown Montreal.
CN continues to focus on sustainability and operational excellence. The company's latest updates feature selected railroad statistics and non-GAAP measures that highlight its financial health and strategic initiatives aimed at long-term growth. CN's partnerships, such as those with Target Steel Inc. and the Michigan Department of Transportation, further emphasize its integral role in the supply chain.
With a strong emphasis on safety, efficiency, and environmental responsibility, Canadian National Railway remains a cornerstone of North American logistics, crucial for businesses seeking reliable and comprehensive freight services.
TCI Fund Management plans to requisition a special shareholder meeting for Canadian National Railway Company (CNI) to refresh its Board of Directors by nominating four experienced independent candidates. TCI criticizes the current board for lacking railroad operational expertise and points to underperformance. The nominees, including Jim Vena, are expected to bring necessary skills for enhancing operational and financial performance. TCI advocates for a low-carbon approach in the rail industry, emphasizing the need for a focus on operational excellence to foster growth.
Kansas City Southern (KSU) announced that its Board of Directors has deemed Canadian Pacific's (CP) revised proposal a "Company Superior Proposal" compared to its current merger agreement with Canadian National Railway Company (CNI). The proposal includes exchanging each share of KSU common stock for 2.884 shares of CP and $90 in cash, with KSU preferred stockholders receiving $37.50 in cash. KSU plans to terminate its agreement with CNI and may accept CP's offer pending negotiation rights for CNI.
TCI Fund Management has retained Kingsdale Advisors to advise on halting Canadian National Railway's (CNI) pursuit of Kansas City Southern (KCS) and to upgrade its board of directors. TCI, owning over 5% of CN valued at $4 billion, plans to requisition a special meeting to nominate new directors and appoint a new CEO. TCI criticizes CN’s recent actions as reckless, suggesting the board lacks railroad expertise and has mismanaged the KCS bid, risking financial and reputational damage. TCI proposes Jim Vena as a suitable CEO candidate to improve operational performance.
Kansas City Southern (KSU) has adjourned its Special Meeting of Stockholders originally scheduled for September 24, 2021, to vote on the proposed merger with CN (CNI). The meeting will now take place at 9:00 a.m. Central Time, with stockholders of record as of July 1, 2021, allowed to vote. The KCS Board of Directors is committed to evaluating options in the best interest of the company and its shareholders.
Further information about the merger process is available through the respective SEC filings by both companies.
Kansas City Southern (KSU) announced an unsolicited acquisition proposal from Canadian Pacific Railway (CP), reiterating terms similar to a previous proposal made on August 10, 2021. The offer includes 2.884 shares of CP and $90 in cash for each KCS common share, with preferred stockholders receiving $37.50 in cash. The KCS Board will evaluate this proposal in light of its existing agreement with CN, which offers $325 per share of KCS stock. Financial advisors involved are BofA Securities and Morgan Stanley, with multiple legal counsels aiding KCS.
Kansas City Southern (KSU) expressed disappointment following the Surface Transportation Board's (STB) decision to deny CN's proposed voting trust related to their merger agreement. KCS is currently evaluating its options in collaboration with CN. Consequently, KCS plans to adjourn its Special Meeting of Stockholders originally scheduled for September 3, 2021, where stockholders were to vote on the merger agreement with CN. This delay highlights ongoing regulatory challenges affecting the proposed merger.
On August 31, 2021, CN expressed disappointment over the Surface Transportation Board's (STB) decision against its joint voting trust application with Kansas City Southern (KCS). The company is currently evaluating its options following this ruling. Despite this setback, CN remains confident that the proposed merger is beneficial for the public interest, enhancing competition and supply chain efficiency across North America. CN emphasizes strong support from stakeholders for the merger, which aims to establish a premier railway service connecting Canada, the U.S., and Mexico.
Kansas City Southern (NYSE: KSU) has adjourned its Special Meeting of Stockholders to vote on the merger with Canadian National (TSX: CNR, NYSE: CNI) until September 3, 2021. Stockholders of record as of July 1, 2021, are eligible to vote. The Surface Transportation Board is reviewing the joint voting trust application, with a decision expected by August 31, 2021. The merger, valued at $325 per share, includes $200 in cash and 1.129 CN shares per KCS share. KCS's Board recommends stockholders vote in favor of the merger.
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