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Rail News Home M&A

6/28/2021



Rail News: M&A

Class I merger update: Letters continue to pile up at STB


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CN and Kansas City Southern today announced that their proposed combination continues to gain support, with more letters from customers, suppliers, elected officials and other stakeholders being filed with the Surface Transportation Board (STB) in favor of the companies’ pro-competitive combination.

Nearly 200 additional letters have been sent to CN and KCS and filed with the STB, bringing the total received to more than 1,650, the Class Is said in a press release. All the letters being filed today support the companies’ request that the STB approve the proposed voting trust agreement, they said.

The plain vanilla voting trust, which is identical to the Canadian Pacific trust approved for use by the STB for the proposed CP-KCS, is an integral component of the CN-KCS combination. It prevents premature control of KCS, allows KCS to maintain independence and protects KCS’ financial health during the STB’s review of the combination.

The public comment period on the voting trust for the proposed CN-KCS merger ends today.

Meanwhile, CP today announced that the entire North Dakota congressional delegation, consisting of U.S. Sens. John Hoeven and Kevin Cramer, and U.S. Rep. Kelly Armstrong, submitted a letter to the STB expressing support for CP-KCS.

"We believe such an arrangement would serve the public interest by opening new markets for commodities produced in states served by CP, including North Dakota," the lawmakers wrote.



Contact Progressive Railroading editorial staff.

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