KCS, Canadian Pacific Formalize New Merger Agreement
Kansas City Southern has re-entered a merger agreement with Canadian Pacific to create the first railroad connecting Canada with Mexico. Regional Radio’s Kyle Hill has more.
Canadian National has acknowledged termination of their merger agreement. In a statement, the railroad blamed changes to the regulatory landscape, including President Biden’s executive order in June focused on competition. CN will receive a termination fee of $700 million, plus a refund of the termination fee that KCS had paid to Canadian Pacific in May. Their website touting the benefits of the proposed deal was taken off-line as of early Wednesday afternoon.