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.
“Industry veterans are even surprised by what’s going on right now,” said Moore.
CP is offering a stock-and-cash “superior proposal” worth an estimated US$31 billion.
Houston-based Patriot Transit is a flatbed carrier serving customers on the Gulf Coast and in the southwestern U.S.
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.
The Surface Transportation Board has accepted CSX’s revised application to acquire Pan Am Railways, allowing the acquisition proceedings to continue.
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.
CSX hopes an expanded application containing a more in-depth market analysis will persuade the Surface Transportation Board to approve CSX’s request to acquire Pan Am.
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.
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.
Canadian trucking and logistics firm TFI International has completed its $800 million acquisition of UPS Freight, becoming one of the top less-than-truckload providers in North America.
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.
Not to be outdone by rival Canadian Pacific, CN offers to acquire Kansas City Southern for $33.7 billion.
Canadian trucking giant Mullen Group wades into truck sales after acquiring a small Volvo and Mack dealership as part of the acquisition of British Columbia’s Bandstra Group.
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.
An understanding between European truck maker IVECO and self-driving software maker Plus includes liquified natural gas but not electric trucks.
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.
CSX must again file its plans to acquire New England short line Pan Am Railways as a “significant” transaction.
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.
Load board adds more enterprise-level automation to its compliance offering.
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.
Amazon.com Inc. bought Whole Foods Market Inc. on Aug. 28, 2017, for $13.7 billion, following up with changes to the grocery brand.
Supply chain software provider Descartes Systems Group has “sold more stuff than we’ve ever sold before” in recent quarters, its CEO says as revenue and profits soar.
The $3.7B merger of Navistar and TRATON Group drew nearer Tuesday when Navistar shareholders approved a $44.50-per-share buyout.
Eastern U.S. railroad CSX (NASDAQ: CSX) has started the regulatory process to acquire New England short line operator Pan Am Railways in a move that CSX hopes will strengthen its intermodal presence in the region. The company on Thursday submitted its application to the Surface Transportation Board. The application includes a request both to acquire […]
Agent-based MODE will add a growthy in-house operation.
Cross-border trucking and logistics firm XTL buys Quebec-based Transport Savoie as Canadian mergers and acquisitions activity reaches fever pitch.
Titanium Transportation Group becomes one of the largest trucking companies in Canada after acquiring International Truckload Services.
TFI International CEO Alain Bedard praised the partnership of UPS and the Teamsters and signaled his company’s willingness to work with unions ahead of the UPS Freight acquisition. But will it work?
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Bison Transport, one of Canada’s largest trucking companies, has been acquired by Canadian agricultural and industrial conglomerate James Richardson & Sons.
Capstone Headwaters releases December update on logistics technology deals.
AIT Worldwide Logistics is expanding its international footprint with the purchase of a German freight forwarder.
TorQuest Partners buys VersaCold Logistics Services, a major Canadian cold storage provider with a large cross-border trucking operation.
The freight-forwarding arm of Canada’s Manitoulin Group has bought Chicago-based World Wide International Logistics, its third acquisition in the United States.
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Canada-based maritime terminal operator QSL becomes full owner of Transport Watson & Sycamore, a heavy-haul trucking company based in Quebec.
Flatbed carriers Hornady Transportation and Builder’s Transportation Co. announce the completion of their merger. The deal is part of parent company Daseke’s operational overhaul.
Canadian supply chain software firm Descartes Systems Group expands its final-mile offerings with acquisition of ShipTrack.
Envase Technologies platform will expand its presence in Canada with the acquisition of TMS provider Tailwind Transportation Software.
Danish third-party logistics services provider’s bottom-line benefits from easing COVID-19 during summer months.
One of Canada’s largest trucking and logistics firms, Mullen Group, is being flooded with potential acquisitions as companies seek to sell, according to its CEO.
German forwarder says acquisition will expand its global business in handling nonhazardous bulk liquids such as alcoholic beverages and edible oils.
TFI International said it will not move forward with its planned acquisition of Canadian trucking company APPS Transport as CEO hints at issues with federal regulators.
Outsourced supply chain solutions provider Capstone Logistics has been acquired by former owner H.I.G. Capital.
Forward Air sees 60 cents per share in the third quarter. The earnings pre-announcement comes in significantly higher than analysts’ current forecasts.
OMERS Private Equity is considering selling Kenan Advantage Group, the tank truck carrier and logistics provider, according to a report in Bloomberg.
Cold storage operator Americold expands its portfolio again, this time in a $1.74 billion bid for the world’s fourth-largest provider. Americold plans to offer 33 million common shares in total to facilitate the deal.
Forward Air announces another acquisition as it advances its no-wait growth plan. The Greeneville, Tennessee-based trucking company adds intermodal drayage provider Value Logistics to its roster.
TFI International’s acquisition spree continues. The Canadian transportation and logistics company adds another bulk carrier to its portfolio with the purchase of Grammer Dry Bulk.
SAL Heavy Lift Group sees Intermarine expanding its ability to serve project cargo shippers throughout North and South America.
The fallout at Nikola could place additional scrutiny on new public offerings and nontraditional special purpose acquisition companies.
Kenan Advantage Group expands its presence in eastern Canada after subsidiary Westcan acquires Beaulac Transport.
TFI International says it will acquire DLS Worldwide from RR Donnelley for $225 million in a major acquisition that will expand the Canadian company’s U.S. logistics business.
Canadian trucking and logistics firm TFI International buys U.S. bulk carrier CCC Transportation, its third acquisition from bankrupt Comcar Industries.
MD Logistics, a specialist in handling temperature-controlled pharmaceuticals, will operate as a subsidiary of the Japanese logistics services provider.
The Wall Street Journal is reporting that U.S. Class I railroad Kansas City Southern is in play again. Blackstone and Global Infrastructure Partners are reported to have made an offer.
Mullen Group shores up its cross-border less-than-truckload business as it acquires the outstanding shares of British Columbia carrier Pacific Coast Express Limited.
Cold chain facility operator Americold Realty Trust adds three facilities to the network in a pair of transactions.
TFI International has agreed to acquire APPS Transport Group in a move that will bolster one of the company’s weak links: its Canadian less-than-truckload business.
Hong Kong-based 3PL’s warehouse business suffers from shrinking inventories, but forwarding business saves the day, leading to $109 million first-half profit.
FreightWaves’ JT Engstrom and Tenney Group’s Spencer Tenney sit down at the FreightWaves Carrier Summit to discuss reasons trucking deals are outpacing broader deal flow.
TFI International announces share offering that could raise more than $200 million and give the Canadian firm additional firepower for more acquisitions.
Fastfrate plans to build up U.S. to Canada cross-border business after acquiring small cross-border carrier Bestway, CEO says.
Multipurpose marine terminal operator Enstructure says the purchase of Ambassador Services in Port Canaveral establishes its presence in U.S. Southeast.
Lineage Logistics announces expansion into Canada as it agrees to acquire Ontario Refrigerated Services, the latest addition to growing global footprint.
RLS says customers want a flexible, responsive alternative to PE-backed roll-ups.
The coronavirus’ whipsaw effect on the global supply chain took a toll on Kuehne + Nagel during the first half of 2020, but without a rapid internal response the hit would have been far worse, CEO Detlef Trefzger says.
