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CN (CNI) and Kansas City Southern (KSU) emphasized the advantages for grain customers stemming from their merger plans. The commitment to maintain open gateways ensures that agricultural stakeholders will continue to enjoy competitive rates and service. Senior VP James Cairns noted that this merger could enhance competition in rail services. The Surface Transportation Board must approve the voting trust for the merger. Over 1,500 letters supporting the merger have been filed. Dr. William Huneke praised the initiative as beneficial for shippers and the economy, offering competitive routing options.
The recent op-ed by CN's CEO, JJ Ruest, and KCS's CEO, Patrick J. Ottensmeyer, emphasizes the economic benefits of their potential merger.
They argue that the merger will optimize supply chains and enhance competition across North America, benefiting sectors like manufacturing, agriculture, and construction. Environmental advantages are highlighted, with significant CO2 emissions reductions projected by shifting freight from trucks to rail. Additionally, they advocate for the approval of a proposed plain vanilla voting trust to ensure KCS's independence during regulatory reviews.
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.
Canadian National Railway (CN) and Kansas City Southern (KCS) announced support from three local union committees affiliated with the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART-TD) for their proposed voting trust. The union letters highlight benefits for organized labor from the CN-KCS combination. The proposed trust meets criteria for STB approval, ensuring KCS maintains independence while protecting its financial health. CN plans to divest overlapping lines to enhance competitiveness. The merger aims to strengthen job creation, operational efficiency, and customer service across North America.
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.
Kansas City Southern (KCS) will announce its Q2 2021 financial results on July 16, 2021, prior to market opening. An earnings conference call is scheduled the same day at 8:45 a.m. ET, accessible via webcast or telephone. Interested parties can access the live presentation on the investors.kcsouthern.com.
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.
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 op-ed by former STB Vice-Chairman William Clyburn supports the approval of CN's voting trust concerning its proposed acquisition of KCS. He asserts that the voting trust meets the STB's new merger rules concerning unlawful control and public interest. Clyburn believes the CN-KCS combination enhances competition and efficiency across North America. He emphasizes CN's strong financial position, stating that it can manage any debt incurred for the acquisition. The approval of this voting trust is viewed as a necessary step for further evaluation of the merger.
The merger between CN and Kansas City Southern (KCS) is progressing as the Surface Transportation Board (STB) has set a timetable for reviewing the voting trust. This voting trust is crucial as it allows KCS to maintain independence during the process while providing shareholders with full value. The merger promises several benefits, including faster routes, environmental protections, and enhanced supply chain efficiency. Over 1,400 letters of support have been received, emphasizing improved service and more shipping options. The public comment period will remain open until June 28, 2021.
