Rail News Home CSX Transportation 7/9/2021 Rail News: CSX Transportation
CSX Corp. yesterday released its 2020 environmental, social and governance (ESG) report, highlighting the company’s sustainability performance in the areas of safety, people and communities, environment and governance.The report showcases the company’s progress toward its ESG goals over the past year, said President and Chief Executive Officer James Foote in a press release.“This year’s report demonstrates how, through the adoption of new technologies and operating practices, we continued to deliver strong safety and environmental performance, increasing our sustainability advantage, setting records for fuel efficiency and exceeding our emissions reduction targets,” he said.In addition, the report highlights the company’s efforts to increase social justice awareness, education and communication; and advance a commitment to professional development and workforce diversity, equity and inclusion, Foote said.The report was prepared in accordance with leading sustainability reporting frameworks, including the Global Reporting Initiative Standards, the Sustainability Accounting Standards Board and the Task Force on Climate-related Financial Disclosures.The full report can be downloaded from the CSX website.
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Rail News Home Canadian Pacific 7/8/2021 Rail News: Canadian Pacific
Canadian Pacific has pledged CA$1 million to support wildfire recovery efforts in Lytton, British Columbia.In addition to making monetary donations, CP has offered to work directly with the village of Lytton, Lytton First Nation, Thompson-Nicola Regional District and other agencies to provide resources and logistics support in the development of temporary housing for families that have been displaced, CP officials said in a news release.CP has been matching employee donations made to the Canadian Red Cross in support of disaster relief in the area, and encourages employees in Canada and the United States to continue donating to help residents."Our thoughts are with all those affected by this devastating fire, including the CP employees who lost their homes," said Keith Creel, CP president and chief executive officer. "So many lives have been impacted. We hope that this support will help the community and the team of responders as they begin to recover and rebuild."A village of a population of about 250 people, Lytton went up in flames last week during extremely hot and dry conditions across the province. About 90% of the village was burned in the fire and two people died, according to media reports.Investigations into what sparked the fire are ongoing.
Canadian Pacific has pledged CA$1 million to support wildfire recovery efforts in Lytton, British Columbia.In addition to making monetary donations, CP has offered to work directly with the village of Lytton, Lytton First Nation, Thompson-Nicola Regional District and other agencies to provide resources and logistics support in the development of temporary housing for families that have been displaced, CP officials said in a news release.CP has been matching employee donations made to the Canadian Red Cross in support of disaster relief in the area, and encourages employees in Canada and the United States to continue donating to help residents."Our thoughts are with all those affected by this devastating fire, including the CP employees who lost their homes," said Keith Creel, CP president and chief executive officer. "So many lives have been impacted. We hope that this support will help the community and the team of responders as they begin to recover and rebuild."A village of a population of about 250 people, Lytton went up in flames last week during extremely hot and dry conditions across the province. About 90% of the village was burned in the fire and two people died, according to media reports.Investigations into what sparked the fire are ongoing.
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Rail News Home Kansas City Southern 7/8/2021 Rail News: Kansas City Southern
Kansas City Southern has scheduled for Aug. 19 a virtual special meeting of stockholders to vote on the proposed merger with CN.All stockholders of record of KCS common stock and 4% non-cumulative preferred stock as of the close of business on July 1, 2021, will be entitled to vote their shares at the special meeting, KCS and CN officials said in a press release.As previously announced on May 21, under the terms of the agreement KCS stockholders will receive $200 in cash and 1.129 shares of CN common stock for each KCS common share, with KCS stockholders expected to own approximately 12.65% of the combined company.KCS' preferred stockholders will receive $37.50 in cash for each preferred share. Additional information regarding the combination can be found in the definitive proxy statement that has been filed with the U.S. Securities and Exchange Commission.The KCS board unanimously recommends that stockholders vote for the merger agreement with CN and the other proposals outlined in the definitive proxy statement. CN will acquire KCS shares and place them into a voting trust if such trust is approved by the Surface Transportation Board (STB).KCS stockholders would receive the merger consideration immediately upon the closing into CN’s voting trust, which is expected to be in the second half of 2021, the companies said. Following that step, the STB and other regulatory authorities would complete their review of CN's control of KCS. Upon approval, the completion of the transaction to take the KCS shares out of the voting trust is expected to take place in the second half of 2022, they said.CN's prospectus and KCS' definitive proxy materials can be found on the SEC's website. The proxy materials are being mailed to all stockholders eligible to vote at the special meeting.Meanwhile, Canadian Pacific issued a statement in response to CN's recent filing with the STB replying to the many comments opposing CN's proposed voting trust."CN's reply doubles down on arguments for a voting trust that CP has already shown do not meet the board's public interest test and sweeps under the rug the many public interest costs associated with CN's proposed use of a trust," CP officials said in their statement, which can be read here.
Kansas City Southern has scheduled for Aug. 19 a virtual special meeting of stockholders to vote on the proposed merger with CN.All stockholders of record of KCS common stock and 4% non-cumulative preferred stock as of the close of business on July 1, 2021, will be entitled to vote their shares at the special meeting, KCS and CN officials said in a press release.As previously announced on May 21, under the terms of the agreement KCS stockholders will receive $200 in cash and 1.129 shares of CN common stock for each KCS common share, with KCS stockholders expected to own approximately 12.65% of the combined company.KCS' preferred stockholders will receive $37.50 in cash for each preferred share. Additional information regarding the combination can be found in the definitive proxy statement that has been filed with the U.S. Securities and Exchange Commission.The KCS board unanimously recommends that stockholders vote for the merger agreement with CN and the other proposals outlined in the definitive proxy statement. CN will acquire KCS shares and place them into a voting trust if such trust is approved by the Surface Transportation Board (STB).KCS stockholders would receive the merger consideration immediately upon the closing into CN’s voting trust, which is expected to be in the second half of 2021, the companies said. Following that step, the STB and other regulatory authorities would complete their review of CN's control of KCS. Upon approval, the completion of the transaction to take the KCS shares out of the voting trust is expected to take place in the second half of 2022, they said.CN's prospectus and KCS' definitive proxy materials can be found on the SEC's website. The proxy materials are being mailed to all stockholders eligible to vote at the special meeting.Meanwhile, Canadian Pacific issued a statement in response to CN's recent filing with the STB replying to the many comments opposing CN's proposed voting trust."CN's reply doubles down on arguments for a voting trust that CP has already shown do not meet the board's public interest test and sweeps under the rug the many public interest costs associated with CN's proposed use of a trust," CP officials said in their statement, which can be read here.