CN’s line between Kamloops and Vancouver has been shut down since Nov. 15 following extensive flooding and mudslides. Canadian Pacific reopened its line to limited traffic on Monday.
The Canadian railway is purchasing battery-electric freight locomotives from Wabtec and it is testing renewable fuel blends with Progress Rail.
Canadian Pacific and Kansas City Southern submit a joint application before the Surface Transportation Board asking to consolidate the two railroads while CN adds a rail and technology expert to its board.
In a quarterly earnings call, outgoing CEO JJ Ruest insists CN’s board of directors will conduct an extensive search for his successor. An activist investor is seeking to install its own CEO choice.
JJ Ruest, who has been criticized recently by an activist investor over CN’s attempt to merge with Kansas City Southern, has served CN for more than 25 years and will depart in January or whenever a successor is found.
TCI Fund Management continues to press CN shareholders to install a new CEO and four new board members.
The Transportation Safety Board of Canada has determined that there is no link between July’s devastating fire in Lytton and sparks coming from CN or Canadian Pacific trains.
Canadian railway CN and shareholder TCI Fund Management are publicly squabbling about who should run the company as CN sets a March meeting date to address TCI’s board candidate picks.
CN and CP unveil their annual winter operational plans, which include expectations that grain shipments will be down this year and that a La Nina event could mean lower winter temperatures for western Canada.
CN is seeking to generate CA$700 million in additional operating income in 2022 through cutting labor and operational costs and seeking pricing opportunities.
Kansas City Southern returns to its old flame and opts to merge with Canadian Pacific. Rival railway CN acknowledges its merger plans have been scrapped.
Major CN shareholder TCI Fund Management wants CN’s board to have more operational experience. The company is also still pushing for the removal of CN’s current CEO.
Kansas City Southern shareholders pushed back a vote on whether to approve CN’s merger agreement to Sept. 24.
Kansas City Southern shareholders must decide whether to continue to pursue merger plans with CN or go with Canadian Pacific.
The Surface Transportation Board rejected CN’s application to establish a voting trust, which would be used as part of the process to acquire Kansas City Southern.
KCS’ board of directors confirmed plans to postpone the shareholder vote on the CN-KCS merger agreement until after the Surface Transportation Board renders a decision on CN’s proposed voting trust.
Although Canadian grain shippers anticipate lower grain harvest volumes for the 2021-2022 crop year, adequate rail service remains a chief concern.
The Association of American Railroads responds to regulator’s inquiry about supply chain congestion, while GoRail advocates for regulation supporting freight rail industry growth.
Kansas City Southern declined Canadian Pacific’s revised bid, opting to stick with CN. But a shareholder vote to approve the CN-KCS merger agreement could be held off if the Surface Transportation Board doesn’t issue its decision on CN’s voting trust by Tuesday.
CP is offering a stock-and-cash “superior proposal” worth an estimated US$31 billion.
