Mergers and acquisitions

Mullen Group acquires Harris Transport, the latest in a string of deals for one of Canada’s largest trucking and logistics companies.

One of Canada’s largest trucking and logistics firms, Mullen Group, is entering the U.S. market with a $40 million acquisition of Chicago-area freight brokerage QuadExpress from commercial printing company Quad.

Canadian Pacific and CN note the end of the public comment period for CN’s proposed voting trust, which would be used to acquire Kansas City Southern. But in order for regulators to review the voting trust application, the Surface Transportation Board may need to clarify further the parameters for gauging whether a rail merger is in the public interest, some stakeholders say.

Monday is the last day that stakeholders can express their views to the Surface Transportation Board over CN’s proposed voting trust that will be used to acquire KCS. Canadian Pacific says it has the support of North Dakota congressional leaders, while CN touts support from Gulf Coast and southern Plains leaders.

Canadian Pacific and CN each say they have the backing of Upper Midwest grain shippers as both seek to merge with Kansas City Southern.

CN and Canadian Pacific are rounding up support for their respective plans to acquire Kansas City Southern. Regulators are accepting public comments on CN’s voting trust through next Monday. CN would use the voting trust as part of the process to acquire KCS.

CN continues to insist that it has widespread support for its plans to acquire Kansas City Southern. That support includes the voting trust proposal that CN would use as part of the merger process.

TFI International quietly buys Montreal-area trucking and logistics firm Procam International to expand its network.

The Surface Transportation Board is accepting public comments on CN’s and Kansas City Southern’s voting trust proposal. KCS asserts its financial strength while Canadian Pacific circulates a union’s negative feedback on the CN-KCS merger.

The transaction, arranged by CVC Capital Partners, is set to close in the third quarter.

Former Surface Transportation Board Vice Chairman William Clyburn Jr. recommends that STB approve the voting trust proposed by CN and Kansas City Southern.

A trio of shippers groups, CN, Kansas City Southern and Canadian Pacific offer their takes on whether the voting trust associated with the proposed CN-KCS merger is or isn’t in the public interest.

The American Chemistry Council, which represents chemicals shippers, wants the Surface Transportation Board to scrutinize proposed Class I rail mergers to ensure that shippers don’t encounter reduced offerings.

CSX needs more data in its market analysis, the Surface Transportation Board said. CSX plans to resubmit its application.

To sweeten the voting trust application before regulators, CN and Kansas City Southern are offering to divest 70 miles of a KCS line in an area of Louisiana where both railroads have competing lines in order to create an “end-to-end” network.

Kansas City Southern has opted for CN’s merger offer. It is terminating an existing merger agreement it has with Canadian Pacific.

Canadian Pacific wants Kansas City Southern to reject CN’s competing merger offer. The railway also said it won’t engage in a bidding war.

Following the Surface Transportation Board’s decision on Monday regarding CN’s proposed merger with Kansas City Southern, both CN and Canadian Pacific remained confident that each is the better suitor for KCS.

The Surface Transportation Board has decided that it would review a proposed merger between CN and Kansas City Southern under newer, stricter merger rules. The board also denied for now CN’s request to form a voting trust, saying CN’s application is incomplete.

CN revised its bid to acquire KCS; CP said it will not seek to counterbid.