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The International Brotherhood of Boilermakers has filed a letter with the Surface Transportation Board (STB) supporting the proposed voting trust agreement between Canadian National (CNI) and Kansas City Southern (KSU). This pro-competitive combination is expected to enhance job creation, capital investment, and revenue growth. The voting trust will maintain KCS's independence while ensuring financial health during the STB's review. CN plans to divest overlapping routes, ensuring a seamless end-to-end network. Stakeholders have until June 28, 2021, to comment on the application.
The International Brotherhood of Boilermakers (IBB) has expressed support for Canadian National Railway (CNR) and Kansas City Southern's (KSU) proposed voting trust with the Surface Transportation Board. This endorsement highlights the job creation and revenue growth potential from the CN-KCS combination. The proposed voting trust structure is similar to one previously approved for Canadian Pacific Railway and ensures KCS's financial health during the review process. The companies aim to complete their combination by June 28, 2021, with a commitment to preserve existing routes and job security.
CN and Kansas City Southern (KCS) announced support from three local SMART unions for their proposed voting trust, emphasizing benefits for organized labor. The letters, representing over 1,800 conductors, showcase strong backing for the CN-KCS combination. The proposed trust aims to ensure KCS's independence during the Surface Transportation Board (STB) review while maintaining its financial health. Additionally, CN plans to divest overlapping lines to enhance competition. This partnership is expected to boost job creation and growth opportunities across North America.
CN (CNI) and Kansas City Southern (KSU) announced a pro-competitive merger proposal, highlighted by Dr. William Huneke's op-ed in Railway Age. He emphasizes the benefits of maintaining open rail gateways post-merger, which encourages lower rates and improved service. Approval from the Surface Transportation Board (STB) for the CN voting trust is essential for realizing these benefits. The merger is expected to enhance rail-to-rail competition without competitive overlaps, allowing CN/KCS to better compete against dominant carriers like Union Pacific and BNSF.
CN (CNI) and Kansas City Southern (KSU) are striving for regulatory approval to combine, supported by an op-ed from former STB Chief Economist Dr. William Huneke. He emphasizes that CN's commitment to keep gateways open will enhance rail-to-rail competition, benefiting shippers with fair pricing and services. Approval of the CN/KCS voting trust by the STB is crucial for this merger to materialize. The merger aims to eliminate competitive overlaps and create a stronger network for more efficient rail competition against major carriers.
Support for CN and KCS Combination Grows
On June 17, 2021, CN (CNI) and Kansas City Southern reported an increase in support for their proposed combination, with over 1,500 letters filed with the STB. Of these, 90 letters endorse CN’s voting trust agreement, vital for maintaining KCS's independence during the regulatory review. The combination aims to enhance service efficiency and trade, benefiting stakeholders across North America. Notably, CN has pledged to divest a key overlapping rail segment to ensure the pro-competitive nature of this deal.
Canadian National Railway and Kansas City Southern have received over 1,500 letters of support for their proposed merger, with 90 specifically backing the voting trust agreement. This trust maintains KCS's independence and financial health during regulatory reviews. CN plans to divest a 70-mile overlapping line to enhance competition. Stakeholders, including U.S. Representative Jerry Carl and the Port of Gulfport, endorse the merger, citing benefits for trade, sustainability, and economic prosperity. The public comment period for the merger is open until June 28, 2021.
CN (CNI) and Kansas City Southern (KSU) are advancing toward finalizing their merger by submitting requested financial documentation to the Surface Transportation Board (STB). This step is crucial for reviewing the voting trust as part of the Merger Agreement. KCS CFO Michael Upchurch confirmed that KCS's financial strength will be maintained during this period, highlighting robust cash flow and capital flexibility to pursue investment plans. The companies are optimistic about receiving STB approval, which is anticipated to enhance competition in the North American rail network.
Kansas City Southern (NYSE: KSU) and CN (NYSE: CNI) announced the filing of documents with the Surface Transportation Board (STB) regarding their merger agreement. This step aims to advance the review of a voting trust essential for the merger. Key submitted documents include financial advisor opinions and debt commitment letters. KCS emphasizes its financial strength, citing superior cash flow and capital investment plans during the trust period. The companies remain optimistic about receiving STB approval, claiming over 1,400 stakeholders support the merger, which can enhance competition and service options.
The recent op-ed by former STB Commissioner William Clyburn supports CN's proposed voting trust for its acquisition of Kansas City Southern. Clyburn asserts that the trust aligns with new merger regulations, emphasizing its ability to prevent unlawful control during regulatory reviews. He believes that both CN and KCS maintain financial soundness that mitigates risks associated with the transaction. The trust is seen as beneficial for competition in the rail industry by facilitating efficient routes across North America.
