CN Rail Tops Rival With $30 Billion Offer for K.C. Southern
Bloomberg 1 hr ago Anthony Palazzo and Derek Decloet
(Bloomberg) Canadian National Railway Co. offered $30 billion to snatch Kansas City Southern away from a rival, spurring a possible bidding war over one of the industry’s biggest deals in decades.
The $325-a-share bid 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 Tuesday. Canadian National gave its offer an enterprise value of $33.7 billion.
The bid is about 20% higher than a $25 billion deal Kansas City Southern made with Canadian Pacific Railway Ltd. last month.
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.
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CN Rail Leapfrogs Rival With $30 Billion Offer for K C Southern msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
April 7, 2021, 7:24am
Playing second fiddle to America is, lamentably, a long-standing Canadian business tradition. But in some arenas, happily, this country is first violinist. Consider the railway game, for example.
On this stage, it leads – quietly, doggedly and effectively. Canadian Pacific Railway Ltd.’s (CP) US$25 billion acquisition of Kansas City Southern (KCS) is the latest example of Canadian rail sector brass and brawn.
The proposal to buy the cross-border Mexico Class 1 railway specialist follows in the tradition of strategic Canadian rail line investments and bets on cargo movement futures.
CP, under the late and legendary Hunter Harrison, pursued a merger with fellow North American transportation giant Norfolk Southern Corp. The aim was to help CP diversify its business away from commodities reliance and provide it with access to the rich U.S. consumer heartland. Norfolk’s board considered but eventually rejected numerous CP merger offers. But,