Canadian Pacific Kansas City announced the departure of Executive Vice President and Chief Transformation Officer John Orr, who joined Norfolk Southern as executive vice president and chief operating officer, effective immediately.
The six Class I freight railroads participating in national bargaining have started taking steps to manage and secure hazardous and security-sensitive material shipments.
Under the deal, CP agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately USD $31 billion. The deal includes the assumption of $3.8 billion of outstanding KCS debt.
KCS intends to provide CP with nonpublic information and to engage in discussions and negotiations with CP with respect to CP’s proposal, subject in each case to the requirements of the CN merger agreement.
Kansas City Southern (NYSE: KSU) (“KCS”) today announced that it has received an unsolicited proposal from Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (“CP”) reaffirming its interest in acquiring KCS.
The Surface Transportation Board rejected the use of a voting trust agreement to advance the proposed Canadian National Railway and Kansas City Southern Railway merger, striking a potential blow to the agreement.