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Kansas City Southern (NYSE: KSU) responds to Canadian Pacific Railway's (TSX: CP) preliminary proxy statement against its merger with CN (TSX: CNR, NYSE: CNI), claiming that the CN proposal offers shareholders $50 more per share than CP's previous offer. KCS urges shareholders to support the CN transaction, highlighting the potential value of $325 per share, in contrast to CP's terminated $275 offer. KCS asserts that the CN combination will benefit all stakeholders and enhance industry competition, while CP has not made a new offer or committed to future proposals.
Kansas City Southern (KSU) reported a 37% increase in revenues to $749.5 million for Q2 2021, driven by higher volumes, a fuel surcharge, and favorable currency exchange rates. However, the company faced a significant operating loss of $431.7 million and a net loss of $378 million ($4.17 per diluted share). The results also included a $700 million termination fee from Canadian Pacific, which will be offset by a reimbursement from Canadian National upon shareholder approval. Adjusted operating income was $289.1 million, indicating operational resilience despite financial challenges.
The proposed merger between CN and Kansas City Southern (KCS) aims to enhance competition and provide more choices for rail customers, stakeholders, and communities. Key commitments include maintaining open gateways for pricing and routing flexibility, ensuring competitive joint line routings remain available post-merger, and offering binding arbitration for disputes. The merger is designed to create a more competitive marketplace that will boost North American trade and provide innovative service benefits across the rail network.
Kansas City Southern (NYSE: KSU) has scheduled a virtual Special Meeting of Stockholders for August 19, 2021, to vote on its proposed merger with CN (NYSE: CNI). Stockholders of record as of July 1, 2021, are eligible to vote. The merger agreement, approved by both companies' Boards, offers KCS stockholders $200 in cash and 1.129 shares of CN for each KCS share, valuing KCS stockholders at approximately 12.65% of the new entity. The merger is expected to enhance competition and provide growth opportunities upon regulatory approval.
CN (CNI) and Kansas City Southern (KSU) submitted a proposal to the Surface Transportation Board to approve a voting trust structure essential for their merger review. Over 1,750 letters of support were filed, highlighting the trust's role in maintaining KCS's independence during the process. The merger aims to provide single-line service across North America, enhancing competition and trade. CN plans to invest $250 million in improving infrastructure, especially in Kansas City, while ensuring a strong financial profile and compliance with regulatory standards.
Kansas City Southern (KCS) has partnered with Midstream Texas Operating LLC (MTO) to establish a long-term commercial agreement for truck-to-rail transloading services for petroleum and petrochemicals from Corpus Christi, Texas, to Mexico. Operations are set to start in Q4 2021. The collaboration aims to enhance infrastructure for supplying petroleum products to Mexico, leveraging MTO's Ingleside terminal for seamless transportation. The new facility, located on leased KCS property, will accommodate 200 rail cars monthly initially, with potential expansion to over 500 cars as demand grows.
CN (CNI) and Kansas City Southern (KSU) announced that the Surface Transportation Board’s comment period for their proposed voting trust has concluded, a critical step towards merging operations. The proposed trust aims to maintain KCS's independence while protecting its financial health during the regulatory review. It has garnered significant support, evidenced by over 1,700 letters of endorsement, including from key lawmakers. The combination promises enhanced competition and improved trade logistics across North America. CN plans to divest overlapping routes to facilitate this pro-competitive merger.
CN (CNI) and Kansas City Southern (KSU) announced support from three local union committees affiliated with the Brotherhood of Locomotive Engineers and Trainmen (BLET) for their proposed voting trust with the Surface Transportation Board (STB). These committees represent over 1,700 CN and approximately 200 KCS locomotive engineers, highlighting labor backing for the CN-KCS combination. The voting trust aims to maintain KCS's independence during regulatory review while reinforcing the competitive nature of the merger. CN plans to divest a 70-mile line to ensure a pro-competitive transaction.
Canadian National Railway (CNR) and Kansas City Southern (KCS) are gaining strong support for their pro-competitive merger, with over 1,650 letters filed with the Surface Transportation Board (STB) advocating for their proposed voting trust agreement. This merger aims to enhance North American trade by providing seamless transportation options. Key stakeholders, including local officials and unions, highlight the merger's potential benefits for economic growth and environmental sustainability. CN also plans to divest a key overlapping line, reinforcing the merger's competitive advantages.
