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At Bernstein’s 37th Annual Strategic Decisions Conference, JJ Ruest of CN and Patrick J. Ottensmeyer of Kansas City Southern (KSU) emphasized how the merger of CN and KSU will result in a comprehensive network that enhances service and competition. The end-to-end combination promises benefits for customers, employees, and the environment, facilitating better access to markets and reducing transit times. The proposed merger has garnered significant stakeholder support, with over 1,400 letters filed endorsing the joint request for voting trust approval by the U.S. Surface Transportation Board.
Canadian National Railway (CN) and Kansas City Southern (KCS) have garnered over 1,400 letters of support for their proposed merger, which aims to enhance competition and foster economic growth across North America. Stakeholders, including Governor John Bel Edwards of Louisiana, emphasize the benefits of expanded rail access and sustainable transportation solutions. The merger promises to create an extensive network without reducing existing customer routes, facilitating new market access and job creation. Additionally, the support for a proposed voting trust agreement is also significant, indicating strong stakeholder backing.
JJ Ruest, CEO of CN, and Patrick J. Ottensmeyer, CEO of Kansas City Southern (KCS), will present at Bernstein’s 37th Annual Strategic Decisions Conference on June 3, 2021, discussing the strategic benefits of their proposed merger. The combination aims to enhance competitiveness in the railway industry. A live audio webcast of the event will be available, with a replay accessible afterward. For further details on the merger, visit ConnectedContinent.com. CN emphasizes its role in transporting over 300 million tons of goods annually across its extensive rail network.
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 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.
Kansas City Southern (KSU) has announced that its Board of Directors has determined that the acquisition proposal from Canadian National Railway Company (CNR) constitutes a "Company Superior Proposal" under KCS's existing merger agreement with Canadian Pacific Railway (CP). Consequently, KCS has terminated the CP merger agreement and entered into a new agreement with CN. Each KCS share will be exchanged for $200 in cash plus 1.129 shares of CN stock upon closing, which is subject to stockholder and regulatory approvals. KCS will pay a $700 million breakup fee to CP, reimbursed by CN under certain conditions.
Kansas City Southern (KCS) held its Annual Meeting on May 20, 2021, with 89% of outstanding stock represented. Key actions included the election of board members and the ratification of PricewaterhouseCoopers as the independent accounting firm for 2021. The Board declared a regular dividend of $0.25 per share on preferred stock and $0.54 per share on common stock, payable on July 6 and July 7, 2021, respectively, to stockholders of record by June 14, 2021. KCS operates rail services across the U.S., Mexico, and Panama.
Kansas City Southern (NYSE: KSU) has received a revised acquisition proposal from Canadian National Railway Company (TSX: CNR, NYSE: CNI). The proposal offers $200 in cash and 1.129 shares of CN stock for each KCS share. The KCS board regards this as a 'Company Superior Proposal' compared to its existing agreement with Canadian Pacific Railway Limited (TSX: CP, NYSE: CP). KCS plans to terminate its merger with CP, pending any amendments proposed by CP. The transaction requires stockholder approval and other regulatory clearances.
Kansas City Southern (KCS) has appointed Timothy Livingston as vice president of transportation for U.S. and Mexican operations. Previously the general manager of network operations, Livingston has been with KCS since 2004, demonstrating leadership during the company's Precision Scheduled Railroading implementation. His promotion reflects KCS's commitment to operational excellence and growth. KCS operates railroads across the U.S., Mexico, and Panama, linking key commercial centers in North America.
