Stakeholders and observers such as Amtrak, Canadian Pacific and the Vermont Department of Transportation want the Surface Transportation Board to consider placing conditions that would bolster both competitive access and passenger rail service.
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.
Canadian Pacific, Norfolk Southern and the broader freight rail industry describe how they plan to reduce greenhouse gas emissions.
The facility at CP’s Bensenville, Illinois, rail yard, which is already in operation, will support the construction industry’s supply chain.
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.
Canadian Pacific and CN shattered records for hauling Canadian grain and grain products in the 2020-2021 crop year, which ran from Aug. 1, 2020, to July 31, 2021. More efficient network boosted volumes: CP CP (NYSE: CP) hauled 30.62 million metric tons (MMT), the most in its 140-year history, the railroad said Tuesday. That was […]
Kansas City Southern told its shareholders to focus on the proposed CN-KCS merger transaction and not on Canadian Pacific’s attempts to cast doubt on the merger’s chances of being approved by federal regulators.
SMART-TD must negotiate with Class I railroads on train crew size; Rail Customer Coalition calls on STB to take up reciprocal switching; ASLRRA praises progress on infrastructure bill; and Canadian Pacific urges KCS shareholders to vote against the proposed CN-KCS merger.
Market alliances that seek to convert truck traffic east and west of the Mississippi River could be a way for Canadian Pacific to grow its network, executives said during the second-quarter 2021 earnings call Wednesday.
CP’s second-quarter 2021 revenue totaled $1.64 billion in U.S. dollars.
Rep. Peter DeFazio, D-Ore., doesn’t want federal regulators to approve a voting trust that Canadian railway CN would establish as part of the process to acquire Kansas City Southern.
With 39 ships at anchor, the Port of Vancouver is continuing to feel the strain as CP and CN resume service in a fire-afflicted region of British Columbia.
The reduction in train speeds between Kamloops and Boston Bar is designed to lessen the chances that sparks from a freight train could start a fire amid extreme heat and dry conditions.
A disruption to CN and CP rail service caused by a wildfire is putting the Port of Vancouver under pressure as Maersk and Hapag-Lloyd warn of delays and congestion.
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.
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.
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.
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.
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.
FreightWaves looks at five themes that ran throughout the earnings discussions of the Class I railroads.
CN revised its bid to acquire KCS; CP said it will not seek to counterbid.
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.
The Surface Transportation Board has approved the voting trust that Canadian Pacific and Kansas City Southern plan to make as part of the merger process between the two companies.
CN and Canadian Pacific continue to campaign for the hearts and votes of Kansas City Southern stakeholders and the Surface Transportation Board.
Executives with parent company Berkshire Hathaway expect BNSF to take steps to protect the railroad’s franchise as the merger between Kansas City Southern and one of the Canadian railways makes its way through regulatory review.
CN outlined some scenarios in which a merged railway can compete with long-haul trucking.
The Canadian railway CN and Kansas City Southern have agreed to talk about CN’s acquisition bid. Canadian Pacific, which has a competing offer, acknowledges the meeting. CN also submits letters of support from stakeholders to regulators.
The Surface Transportation Board has determined that a waiver that exempted Kansas City Southern from post-2001 merger rules governing rail mergers applies in the proposed merger between KCS and Canadian Pacific.
Rep. Peter DeFazio, D-Oregon, chair of the U.S. House Transportation and Infrastructure Committee, is concerned that efforts by rival Canadian railways to acquire Kansas City Southern could usher in more consolidations in the freight rail sector.
The Surface Transportation Board will need to scrutinize a proposed merger between Kansas City Southern and either Canadian Pacific or CN to ensure it doesn’t hurt the operations of competing railroads, Union Pacific’s head said on the company’s first-quarter earnings call.
For now, Canadian Pacific is not planning to take part in a bidding war with rival CN to acquire Kansas City Southern, saying that its offer is more likely to meet regulators’ litmus test for mergers.
Canadian Pacific and CN both filed letters to the Surface Transportation Board asking the panel to consider the merits of their competing requests to acquire Kansas City Southern.
CP, which is also seeking to acquire KCS, describes rival CN’s bid to acquire KCS as “massively complex and likely to fail” because it decreases competition.
A merged CN and Kansas City Southern would compete against long-haul trucking for north-south intermodal opportunities, CN said Tuesday.
The U.S. Department of Justice raised concerns about how Canadian Pacific and Kansas City Southern are using a voting trust to facilitate their proposed merger. The two railroads respond.
Potential service disruptions from the proposed Canadian Pacific-Kansas City Southern merger could be a key issue explored by regulators reviewing the merger, FTR says. The consulting firm also projects favorable market conditions for intermodal rail and carloads in 2021 and into 2022.
Canadian Pacific and Kansas City Southern provided the Surface Transportation Board 75 more letters explaining why their proposed merger should be approved.
Canadian Pacific submitted to the Surface Transportation Board 45 more letters of support from shippers and other stakeholders for the proposed merger of CP and Kansas City Southern.
Two rail shipper coalition groups and four Class I railroads want the Surface Transportation Board to review Canadian Pacific’s proposed acquisition of Kansas City Southern under “new” rules that gauge whether a merger would enhance market competition.
Canadian Pacific has submitted a 531-page filing to the Surface Transportation Board that includes letters from 259 entities supporting the proposed acquisition of Kansas City Southern.
This transaction will benefit the automotive supply and distribution network throughout North America.
Canadian Pacific wants to acquire Kansas City Southern. Here are five thoughts from Wall Street transportation analysts about the transaction.
STB Chair Marty Oberman shares the board’s views on two proposed acquisitions: CSX’s acquisition of New England short line Pan Am Railways and Canadian Pacific’s merger with Kansas City Southern.
The publicly traded Class I railroads expect rail volumes to improve this year despite severe winter weather curtailing operations in February.
Canadian Pacific and Kansas City Southern executives outline the benefits and the rationale behind CP’s proposed acquisition of KCS.
Canadian railway Canadian Pacific plans to merge with Kansas City Southern in a deal worth $29 billion.
Two bullish equity research reports this week on transportation stocks both highlight expectations around consumer spending and what that means for freight demand.
Plans to halt construction of the Keystone XL pipeline will likely mean more crude oil volumes being shipped by rail. But how much more will depend on a variety of factors, including oil price spreads, other pipelines, oil storage options and the railroads’ ability to juggle volumes.
CSX’s tunnel widening plans are still moving forward; Canadian Pacific sees record grain volumes for January.
TrinityRail, Canadian Pacific and Rocky Mountain Industrials announce company news; unions seek appointments to the National Mediation Board.
With its acquisition of an Atlantic short line railroad in place, Canadian Pacific said the next opportunities to expand its network lie in its land holdings and partnerships.
Canadian Pacific reported a fourth-quarter operating ratio of 53.9%, a record low. Fourth-quarter net profit was CA$802 million, up nearly 21% year-over-year.
Acquisitions and record Canadian grain loadings round out rail news
Canadian Pacific has announced a pilot project to develop North America’s first line-haul hydrogen-powered locomotive.
Major railways are classified as leaders among thousands of companies that disclosed climate information to the CDP this year.
The GEODIS Women’s Network “is also intended to improve the reputation of the logistics and transport industry, a field traditionally dominated by men.”
November was a bright spot for U.S. and Canadian grain carloads.
The railway has started reaching out to First Nations groups and the broader public to share its plan.
CP will serve Hapag-Lloyd at the New Brunswick port through 2025.
As a major shareholder of CN and CP, TCI Fund Management has submitted proposals for climate action. TCI also requested shareholder votes on climate plans at yearly meetings.
CP’s partnership with Maersk is starting early, with the first vessel coming into Vancouver in December versus March 2021.
Railroads are leveraging automation and evaluating assets to improve fuel efficiency. Corporate climate goals are on the rise as railroads increase their conservation and emission-reducing efforts.
U.S. carload traffic on a weekly basis was 3.1% lower last week on a year-over-year basis and 1.7% higher sequentially.
Exports drive Canada grain volumes higher.
The railroad has 1,000 acres it can develop with partnering customers.
Canadian Pacific’s net income fell 3% in the third quarter.
Canadian Pacific Railway will pay $312 million for full ownership of a 1.6-mile tunnel linking U.S.-Canada via Detroit and Windsor
CN and Canadian Pacific say they’ll use communication and technology to grapple with winter’s operational challenges.
The deal comes amid wider efforts from both companies to expand their reach and increase supply chain efficiency.
Canadian Pacific and CN say the deepwater ports are key to gaining market share.
The railway hopes to build its intermodal presence in the East and bolster the network serving Toronto, Montreal and the U.S. Midwest.
Fastfrate plans to build up U.S. to Canada cross-border business after acquiring small cross-border carrier Bestway, CEO says.
Canadian Pacific’s and CN’s estimates of grain they expect to haul in 2020-2021 is in line with past projections.
Despite a 12% drawdown in volumes, CP reached a record second-quarter operating ratio of 57%.
The COVID-19 pandemic dampened second-quarter revenue by 9%.
With no end in sight to the pandemic in North America, BMWED says railroads should enhance worker safety.
June grain volumes and second-quarter movements were records for both CN and CP.
With the second half of the year just weeks away, Class I rail executives are eyeing at least some recovery in rail volumes as shelter-in-place restrictions ease.
Investments in recent years to expand capacity along their western Canadian grain networks have paid off for Canadian Pacific and CN.
CP has said the acquisition of the U.S. and Canadian operations of the short line railroad would boost CP’s reach into eastern Canada, as well as grow CP’s network into about 13,000 miles coast-to-coast over six Canadian provinces and 11 U.S. states.
Precision scheduled railroading and its workforce will help CP get through anticipated challenges in the second quarter, company executives said.
The railway’s first-quarter net income slipped on higher income tax expenses. But total revenue rose nearly 16% in the first quarter of 2020 while operating expenses were roughly flat-to-higher.
Investigators with the Transportation Safety Board are urging Transport Canada to consider revising track maintenance regulations since broken rail is appearing as a possible cause for two recent crude train derailments.
The new orders require “higher-risk key trains” to slow down their speed in the wintertime.
The Canadian railways will have the network capacity to accommodate any sudden surges in demand once the coronavirus pandemic subsides, their executives said.
