Rail News Home Canadian National Railway - CN 12/10/2021 Rail News: Canadian National Railway - CN
CN has been recognized for leadership in corporate governance, ranking first in The Globe and Mail’s annual comprehensive assessment of 220 S&P/TSX Composite Index members.CN was given a score of 98 out of 100 points, CN officials said in a press release.Companies were ranked on 38 questions as well as sub-questions on many subjects including environmental, social and corporate governance (ESG), sustainability, board composition, shareholding and compensation, shareholder rights and disclosure.Details of the ranking and methodology available are available here."I am proud that CN’s board has been recognized as a leader on corporate governance amongst its peers as the company continues to power sustainable growth for its customers, people, communities and shareholders. I would like to thank CN employees for their dedication to implementing our strategic plan and maintaining the highest standards of corporate governance," said CN Chair Robert Pace.
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Rail News Home Kansas City Southern 12/10/2021 Rail News: Kansas City Southern
Kansas City Southern Railway stockholders today voted to approve the proposed merger with Canadian Pacific Railroad.Of the 64.5 million shares voting at a special meeting, 99.6% were cast in favor of the adoption of the proposed agreement, KCS officials said in a press release.The transaction is expected to close into a trust Dec. 14. KCS stockholders will receive $90 in cash and 2.884 CP shares for each KCS common share held and $37.50 in cash for each KCS preferred share held. Immediately upon close, ownership of KCS will be held in a voting trust pending the Surface Transportation Board’s review and approval of CP’s proposed control of KCS, which is expected to occur in the fourth quarter of 2022.On Dec. 8, CP’s stockholders voted to approve the issuance of the CP common shares to KCS stockholders in connection with the proposed merger."This week, shareholders of both CP and KCS overwhelmingly supported this transformative proposal to create the first U.S.-Mexico-Canada rail network," said Keith Creel, CP president and CEO. "With strong shareholder support, we are excited to complete the steps required to close the CP-KCS transaction into the voting trust, a critical milestone in the journey to make Canadian Pacific Kansas City a reality."
Kansas City Southern Railway stockholders today voted to approve the proposed merger with Canadian Pacific Railroad.Of the 64.5 million shares voting at a special meeting, 99.6% were cast in favor of the adoption of the proposed agreement, KCS officials said in a press release.The transaction is expected to close into a trust Dec. 14. KCS stockholders will receive $90 in cash and 2.884 CP shares for each KCS common share held and $37.50 in cash for each KCS preferred share held. Immediately upon close, ownership of KCS will be held in a voting trust pending the Surface Transportation Board’s review and approval of CP’s proposed control of KCS, which is expected to occur in the fourth quarter of 2022.On Dec. 8, CP’s stockholders voted to approve the issuance of the CP common shares to KCS stockholders in connection with the proposed merger."This week, shareholders of both CP and KCS overwhelmingly supported this transformative proposal to create the first U.S.-Mexico-Canada rail network," said Keith Creel, CP president and CEO. "With strong shareholder support, we are excited to complete the steps required to close the CP-KCS transaction into the voting trust, a critical milestone in the journey to make Canadian Pacific Kansas City a reality."
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Rail News Home Canadian Pacific 12/9/2021 Rail News: Canadian Pacific
"The overwhelming support our shareholders have given to the transaction is critical to making this combination a reality," said CP President and CEO Keith Creel. Photo –
"The overwhelming support our shareholders have given to the transaction is critical to making this combination a reality," said CP President and CEO Keith Creel. Photo –
Canadian Pacific shareholders yesterday voted overwhelmingly in favor of the issuance of CP common shares to Kansas City Southern common stockholders in connection with the proposed CP-KCS combination.
The CP shareholders voted on two items during yesterday's special meeting. The first vote was to approve the issuance of up to 277,960,197 CP common shares as the share consideration under the terms of the merger agreement. The second vote was to approve the Class I’s name change to Canadian Pacific Kansas City Ltd. The name change depends on the proposed merger’s approval by the U.S. Surface Transportation Board (STB).