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CN promises sale of KCS line between New Orleans and Baton Rouge to win approval
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CN promises sale of KCS line between New Orleans and Baton Rouge to win approval
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CN to partner Kansas City Southern
CN (TSX: CNR, NYSE: CNI) and Kansas City Southern (NYSE: KSU) (“KCS”) today announced that they have entered into a definitive merger agreement to create the premier railway for the 21st century.
Under the terms of the agreement, which was unanimously approved by the Board of Directors of each company, KCS shareholders will receive $3252 per common share based on CN’s May 13, 2021 offer, which implies a total enterprise value of $33.6 billion, including the assumption of approximately $3.8 billion of KCS debt. KCS shareholders will receive $200 in cash and 1.129 shares of CN common stock for each KCS common share, with KCS shareholders expected to own 12.6% of the combined company. This represents an implied premium of 45% when compared to KCS’ unaffected closing stock price on March 19, 2021. KCS’ preferred shareholders will receive $37.50 in cash for each preferred share.
Kansan City Southern, Canadian National finalize railway merger The deal connects ports in Tamaulipas, Veracruz and Michoacán to the US and Canada
Published on Monday, May 24, 2021
130shares
Railway company Canadian National (CN) agreed to a US $33.6-billion deal to take over Kansas City Southern (KCS) on Friday, which will connect ports between Mexico, the United States and Canada with 42,000 kilometers of track.
KCS transports freight from the ports of Tampico and Altamira in Tamaulipas, the port of Veracruz, and from the Pacific port of Lázaro Cárdenas in Michoacán. It takes automobiles and industrial products into the United States, and hauls farm goods to south of the border.
By Reuters Staff
1 Min Read
MEXICO CITY (Reuters) -Mexican media conglomerate Grupo Lauman will buy Fox Sports’ Mexico operations, fulfilling a key regulatory condition of Walt Disney Co’s acquisition of Twenty-First Century Fox Inc’s film and television assets, newspaper El Financiero said.
El Financiero, which is part of Grupo Lauman, announced the news late on Friday without putting a value on the acquisition. The paper noted the deal was subject to regulatory approval, and that more details would follow.
Mexico’s telecoms regulator, the Federal Telecommunications Institute (IFT), in 2019 approved Disney’s $71 billion purchase of Fox’s media assets, subject to the sale of Fox Sports channels due to the market power the deal created.
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