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U S regulator rejects Canadian National s voting trust to buy Kansas City Southern
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Canadian National Railway : U S regulator rejects Canadian National s voting trust to buy Kansas City Southern
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U S regulator rejects Canadian National s voting trust to buy Kansas City Southern
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U S regulator rejects Canadian National s voting trust to buy Kansas City Southern
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“We should know in a couple of weeks, sometime in late July or early August, when the STB has had the time to reflect on all the things that we have filed,” Jean-Jacques Ruest, Canadian National’s chief executive officer, told analysts on a conference call Tuesday.
“We’re very confident that we have a very solid case. We are meeting the test of the voting trust and we are creating, definitely, a new competition, a new public benefit.”
Key Takeaways
Canadian National saw its biggest jump in freight revenue from automotive, which almost doubled, followed by intermodal, metals and minerals, petroleum and chemicals, and coal in the quarter. Revenue from transporting grains and fertilizers was the only business to see freight revenue fall, slipping 6% from a year earlier.The company plans to buy Kansas City Southern for about $30 billion after outbidding Canadian Pacific Railway Ltd. and is waiting for regulators to approve a voting trust that’s key for t