Last year, Canadian National Railway Co. dropped its rival takeover bid for KCS after the Surface Transportation Board rejected its request for a voting trust.
CP then agreed to buy KCS in an agreement valued at US$31 billion, including the assumption of US$3.8 billion of debt.CP’s deal closed in December, but the shares of KCS were placed into a voting trust that allows the U.S. railway to operate independently while the STB completes its review.CP has said its acquisition of KCS will enable significant growth for its rail customers, and allow for 60,000 truckloads annually to be shifted off public highways.
Following the completion of the transaction, CP expects the deal to generate $1 billion in annualized synergies within the first three years.
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