Canadian Pacific Railway Ltd. received a green light to complete its US$27 billion acquisition of Kansas City Southern, overcoming opposition from shippers and creating the only rail operator serving the U.S., Canada and Mexico.
to complete its US$27 billion acquisition of Kansas City Southern, overcoming opposition from shippers and creating the only rail operator serving the U.S., Canada and Mexico.
The approval comes with some conditions, including an obligation to keep gateways open to other railroads, to provide a dispute resolution mechanism to address commuter disruptions in Chicago and a seven-year oversight commitment to address any issues that arise from the acquisition. The decision comes despite heightened scrutiny of the U.S. rail industry in the wake of a series of derailments, including a toxic chemical spill in Ohio, and tense relations between company management and labor groups. Canadian Pacific’s financial transaction to acquire Kansas City Southern’s shares was wrapped up in December 2021, but the railways were required to continue operating separately until the board gave final approval of the deal.
Shippers were among the loudest critics of the acquisition of KCS, which they fear will lead to higher prices and reduced service as a result of more concentration of ownership. The U.S. Justice Department also opposed to the merger, but it doesn’t have regulatory power to approve or deny railroad deals.
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