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- Canadian Pacific (NYSE:CP) and Kansas City Southern (KSU) announced the companies filed a railroad control application with the Surface Transportation Board.
- The application with the railroad regulator for the railroad deal comes after the STB late last month confirmed that it has approved the use of voting trust for the CP-KCS combination.
- Canadian Pacific (CP) won a bidding war with rival Canadian National Railway (CNI) for KSY after the STB denied Canadian National's bid to use a voting trust for a deal.
- Canadian Pacific's (CP) ultimate acquisition of control of KCS' U.S. railways is subject to the approval of the STB. The STB review of CP's proposed control of KCS is expected to be completed in the second half of 2022, the companies said in a statement late yesterday.
- Earlier this week Canadian Pacific Railway was called out by UBS for big merger synergy potential.