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Kansas City Southern
Rail News: Kansas City Southern
10/9/2003
Rail News: Kansas City Southern
STB's decision to suspend Tex Mex ruling is 'reasonable,' KCS says
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On Oct. 8, Kansas City Southern announced it accepted Surface Transportation Board's decision to suspend a procedural schedule involving KCS' request to gain control of The Texas Mexican Railway Co. from Mexrail Inc. STB had planned to issue a ruling Oct. 17.
STB plans to reinstate its procedural schedule "at such time as KCS demonstrates that there is a reasonable likelihood that it will be able to acquire control of Tex Mex," according to a prepared statement.
"It is a reasonable course for the STB to take given the circumstances," said Mike Haverty, KCS chairman, president and chief executive officer. "It is fair and equitable to KCS and all other interested parties."
On May 9, KCS purchased 51 percent of Mexrail stock from TFM S.A. de C.V. and immediately placed the shares in an independent voting trust pending regulatory approval. On Sept. 30, TFM exercised a right under the acquisition agreement to repurchase the Mexrail stock from KCS, which still owns 37 percent of Mexrail's stock.
STB plans to reinstate its procedural schedule "at such time as KCS demonstrates that there is a reasonable likelihood that it will be able to acquire control of Tex Mex," according to a prepared statement.
"It is a reasonable course for the STB to take given the circumstances," said Mike Haverty, KCS chairman, president and chief executive officer. "It is fair and equitable to KCS and all other interested parties."
On May 9, KCS purchased 51 percent of Mexrail stock from TFM S.A. de C.V. and immediately placed the shares in an independent voting trust pending regulatory approval. On Sept. 30, TFM exercised a right under the acquisition agreement to repurchase the Mexrail stock from KCS, which still owns 37 percent of Mexrail's stock.
