CP Rail, Kansas City Southern merge to create Canadian Pacific Kansas City
, marks the continent’s first major railroad rail merger in more than two decades.
It combines the two smallest of North America’s seven Class 1 railroads, after the U.S. rail regulator approved the US$31-billion deal last month.That green light cleared the final hurdle in CP Rail’s bid to buy KCS and create the only railway stretching from Canada through to the U.S. and Mexico. U.S. Surface Transportation Board chair Martin Oberman said in March the combined company will speed up freight travel time and encourage tighter competition with the other five, larger railways.CP competitor Canadian National Railway Co. had fought a long battle over the acquisition before CP sealed the deal in December 2021. CN had wooed KCS away from an initial CP offer with a US$33.6-billion proposal in May 2021 before the U.S. regulator rejected CN’s bid in August of that year.
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