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Canadian Pacific Railway Ltd. and Kansas City Southern continue to accumulate support for their proposed merger, claiming that more than 375 customers, ports, transloaders and other stakeholders have filed letters of support with the Surface Transportation Board (STB).
The latest supporters include XPO Logistics, CF Industries, Dollarama, Milar Western and Full Circle Ag, CP and KCS officials said in a press release.
Similar to the shippers and others that filed favorable statements and letters with the STB on March 31 and April 6, the new supporters stated they expect the combination of CP and KCS would "invigorate transportation competition, expand access to existing and growing markets and provide new service offerings that wold improve transit times and reliability," the Class Is said.
Many of the supporters also urged the STB to review the transaction as swiftly as possible.
CP and KCS on March 21 announced they've entered a merger agreement in which CP would acquire KCS stock in a cash transaction worth $29 billion, including about $3.8 billion of outstanding KCS debt. Upon STB approval, CP would acquire control of KCS. The new railroad would be called Canadian Pacific Kansas City.