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Canadian Pacific and Kansas City Southern last week announced their proposed merger has received required regulatory pre-transaction control approvals from the Mexican Federal Economic Competition Commission and the Mexican Federal Telecommunications Institute.
"This important milestone marks the next step on our path to creating the first single-line rail network linking the United States, Mexico and Canada," said CP President and CEO Keith Creel in a press release.
The Class Is' proposed combination remains subject to closing conditions, including approval from stockholders of both companies and Surface Transportation Board (STB) approval. CP's and KCS' stockholders are scheduled to vote on the proposed transaction Dec. 8 and 10, respectively. Provided the transaction is approved by CP and KCS stockholders, a voting trust is expected to close on Dec. 14.
The STB's review of the proposed merger is expected to be completed in late 2022.