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.
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.
Former Surface Transportation Board Vice Chairman William Clyburn Jr. recommends that STB approve the voting trust proposed by CN and Kansas City Southern.
The American Chemistry Council wants the Surface Transportation Board to look into whether operational changes and cost cutting exacerbated the rail service issues that chemicals shippers have been having in the first half of this year.
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 rail regulatory body sent several letters to Class I railroad heads last week, asking them to provide plans on how they expect to handle workforce and equipment in light of broader supply chain disruptions and anticipated service demand post-pandemic.
President Joe Biden’s regulatory policy shift has wide-ranging implications for shippers and carriers.
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.
April employment levels at the U.S. operations of the Class I railroads were up 0.42% from March but down 7% year-over-year.
This AskWaves article explains what Class I, Class II and Class III railroads are and why they exist.
Kansas City Southern has opted for CN’s merger offer. It is terminating an existing merger agreement it has with Canadian Pacific.
Four rail labor groups have banded together to warn regulators about potential post-merger efforts to trim labor costs, while investment banking firm Cowen says regulators’ denial of CN’s voting trust signals that CN will have to make a strong case for its proposed merger.
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.
The U.S. Department of Transportation wants the Surface Transportation Board to take up Amtrak’s request asking to establish passenger service between Mobile and New Orleans.
Rivals Canadian Pacific and CN separately submit more statements of support to the Surface Transportation Board in a bid to show which Canadian railway is best suited to merge with Kansas City Southern.
