Richardson Pioneer Limited has begun construction on a nearly $50 million high-throughput grain elevator in Carmichael, Saskatchewan, to be served by Canadian Pacific.
Kansas City Southern has asked the Surface Transportation Board to reject Canadian Pacific’s petition for expedited declaratory relief, which KCS claims would assist CP in preparing a “hostile” control application.
CN and Kansas City Southern (KCS) have reported receiving an additional 100 letters in support of their proposed merger, bringing the total to more than 1,500.
Sometimes in decision making, there isn’t much of a middle ground. Sometimes there is simply right and wrong. Such is the nature of the decision facing the Surface Transportation Board (STB) in the coming months as it addresses proposed railroad mergers. Their decision will have a very big impact on what the railroad industry will look like in the coming decades.
Per the Surface Transportation Board’s (STB) request, proposed merger partners CN and Kansas City Southern (KCS) have filed financial documents that will help STB decide whether or not to approve their voting trust agreement. Canadian Pacific, not surprisingly, responded with heavy artillery fire, with support from rail labor.
The Surface Transportation Board (STB) has directed proposed merger partners CN and Kansas City Southern (KCS) to submit by June 14 certain financial documents, which will inform public comments on their voting trust agreement.
CN and Kansas City Southern (KCS) reported June 2 that they have received more than 400 letters of support for their proposed merger since KCS chose to partner with CN on May 21 over rival Canadian Pacific (CP).
Canadian Pacific (CP) reported June 1 that it “remains confident” in its “superior status” as Kansas City Southern’s (KCS) merger partner, noting that more than 130 stakeholders have filed statements with the Surface Transportation Board (STB) requesting the rejection of merger rival CN’s voting trust application.
The Surface Transportation Board (STB) on May 28 sent identical letters to the Class I railroad CEOs—the second set of letters in as many days—requesting that they continue providing quarterly information about their revenues from demurrage and accessorial charges.
Surface Transportation Board (STB) Chairman Martin J. Oberman has called on the CEOs of the seven North American Class I’s to provide an update on their preparedness to meet service demands, particularly as railroad employment rates have fallen.