Nathan Denette/The Canadian Press via AP, File
A bidding war is breaking out for Kansas City Southern, with Canadian National Railway making a $33.7 billion cash-and-stock offer for the railway.
The bid trumps a $25 billion cash-and-stock proposal made by Canadian Pacific last month.
Any deal would capitalize on growing trade across North America by creating the first railroad that would link the United States, Mexico and Canada. Last year the three countries entered into a revamped regional trade pact, negotiated by President Donald Trump, that is expected to encourage trade and investment across North America.
A surge in manufacturing is already benefitting the companies. According to a research report Monday from Stifel, the six major railroad all reported double-digit increases in volume over the past week compared with a year earlier when the coronavirus pandemic cut shipping volume sharply.
CN Rail Chief Pounces While Kansas City Southern Is in Play
Bloomberg 2 hrs ago Thomas Black and Derek Decloet
(Bloomberg) Canadian National Railway Co. offered $30 billion to snatch Kansas City Southern from a rival, spurring a possible bidding war in one of the industry’s biggest potential deals in decades.
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The bid of $325 a share consists of $200 in cash and 1.059 Canadian National shares for each share of Kansas City Southern, Montreal-based CN said in a statement. Canadian National gave its offer an enterprise value of $33.7 billion.
Tuesday’s offer tops a $25 billion deal Kansas City Southern reached with Canadian Pacific Railway Ltd. last month.
Bidding war breaks out for railroad running across Texas
Canadian National’s $33.7 billion bid for Kansas City Southern tops a rival’s $25 billion offer.
A Kansas City Southern logo on a restored 1954 passenger locomotive at Union Station in Kansas City, Mo.(Norman Ng)
The bid trumps a $25 billion cash-and-stock proposal made by Canadian Pacific last month.
Any deal would capitalize on growing trade across North America by creating the first railroad that would link the United States, Mexico and Canada. Last year the three countries entered into a revamped regional trade pact, negotiated by President Donald Trump, that is expected to encourage trade and investment across North America.
CN bids $33.7B for Kansas City Southern, tops $25B Canadian Pacific proposal
By MICHELLE CHAPMAN Associated Press April 20, 2021 3:16pm Text size Copy shortlink:
The bid trumps a $25 billion cash-and-stock proposal made by Canadian Pacific last month.
Any deal would capitalize on growing trade across North America by creating the first railroad that would link the United States, Mexico and Canada. Last year the three countries entered into a revamped regional trade pact, negotiated by President Donald Trump, that is expected to encourage trade and investment across North America.
A surge in manufacturing is already benefitting the companies. According to a research report Monday from Stifel, the
The bid trumps a $25 billion cash-and-stock proposal made by Canadian Pacific last month.
Any deal would capitalize on growing trade across North America by creating the first railroad that would link the United States, Mexico and Canada. Last year the three countries entered into a revamped regional trade pact, negotiated by President Donald Trump, that is expected to encourage trade and investment across North America.
A surge in manufacturing is already benefitting the companies. According to a research report Monday from Stifel, the six major railroad all reported double-digit increases in volume over the past week compared with a year earlier when the coronavirus pandemic cut shipping volume sharply.