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Canadian National Railway (CNI) operates North America's premier transcontinental rail network, providing critical freight transportation services across diverse industries. This dedicated news hub offers investors and stakeholders timely updates on CN's operational milestones, strategic initiatives, and market developments.
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CN (CNI) and Kansas City Southern (KSU) have advanced their merger plans by submitting a renewed motion for approval of a voting trust to the Surface Transportation Board (STB). This merger aims to create a comprehensive rail network enhancing competition and economic growth. CN will divest a minor 70-mile line to alleviate overlapping routes, ensuring a fully end-to-end merger. The filing highlights significant public and environmental benefits, including reduced transit times and lower greenhouse gas emissions. Over 1,100 stakeholders support this transaction.
CN and Kansas City Southern have jointly filed a renewed motion with the Surface Transportation Board to approve a voting trust as part of their merger process. This merger aims to enhance competition, foster economic growth, and provide a comprehensive transportation network across North America. Key commitments include the divestiture of KCS’ 70-mile line to address competitive concerns and numerous stakeholder support letters. The merger is designed to maintain KCS' independence while benefiting customers and stakeholders, emphasizing public interest, safety, and environmental advantages.
CN and Kansas City Southern will participate in the 14th Annual Wolfe Research Global Transportation & Industrials Conference on May 26, 2021, at 8:00 a.m. ET. CEOs JJ Ruest and Patrick J. Ottensmeyer will discuss the strategic and financial advantages of their proposed combination, intended to form a leading railway for the 21st century. CN will host a live audio webcast of the event, with replays available afterwards. The announcement underscores the importance of both companies in enhancing transportation infrastructure in North America.
CN and KCS Leaders to Address Merger Benefits
On May 26, 2021, CN's CEO JJ Ruest and KCS's CEO Patrick J. Ottensmeyer will speak at the 14th Annual Wolfe Research Global Transportation & Industrials Conference. They will highlight the strategic and financial advantages of the proposed merger between CN and KCS, aiming to create a leading railway for the 21st century. CN's extensive rail network spans 19,500 miles, enabling vital connections across North America.
On May 21, 2021, CN and Kansas City Southern (KCS) announced a merger to create a leading railway for the 21st century. KCS shareholders will receive $325.2 per share, with a total enterprise value of $33.6 billion. The merger is expected to generate nearly $1 billion in annual EBITDA synergies and enhance competition across North America. CN anticipates that the transaction will be accretive to its Adjusted Diluted EPS in the first full year. The completion of this merger is projected for the second half of 2022, following regulatory approvals.
CN and Kansas City Southern (KCS) have agreed on a merger to form a leading railway entity for the 21st century. KCS shareholders will receive $3252 per share, translating to a $33.6 billion enterprise value. This merger offers a 45% premium over KCS’ stock price as of March 19, 2021. The deal aims to enhance competition by creating a seamless service connecting the U.S., Canada, and Mexico, promising significant synergies and a $1 billion annual EBITDA increase. The merger is expected to close in mid-2022, following necessary regulatory approvals.
Canadian National Railway (CNI) has filed a request with the Surface Transportation Board to establish a procedural timeline for its merger with Kansas City Southern (KSU). This follows KCS's acceptance of CN's proposal as superior, leading to the termination of a prior agreement with Canadian Pacific Railway. CN is confident in securing approval for its voting trust that aims to enhance public benefits while maintaining its strong financial standing. The merger is expected to deliver significant value to KCS shareholders and bolster competitive opportunities across North America.
CN (CNI) has received a favorable procedural decision from the Surface Transportation Board (STB) regarding its proposed merger with Kansas City Southern (KCS). The STB will evaluate the merger under existing competition rules, which CN believes will enhance service and choice for customers. CN has garnered over 1,000 letters of support for the merger. A finalized merger agreement was completed on May 13, 2021. CN aims to demonstrate its financial strength and benefit to stakeholders during the review process.
On May 19, 2021, CN's President and CEO, JJ Ruest, alongside Executive VP Sean Finn, will present at the BofA Securities Virtual Transportation, Airlines and Industrials Conference at 10:40 a.m. ET. The conference aims to highlight CN's role as a major transportation player in North America, facilitating the movement of over 300 million tons of goods annually. Investors can tune in via a live audio webcast available on the CN Investors website, with a replay accessible post-event.
CN has submitted an enhanced proposal of $325 per share to Kansas City Southern (KCS), valuing KCS at an enterprise value of $33.6 billion, following confirmatory due diligence. KCS's Board has deemed this proposal a 'Company Superior Proposal,' intending to terminate its previous agreement with Canadian Pacific Railway. The proposal offers KCS shareholders $200 in cash and 1.129 CN shares per KCS share, representing a 45% premium compared to KCS's stock price prior to the announcement. CN aims to finalize a merger agreement promptly, emphasizing the benefits for both companies and their stakeholders.
