The first major railroad merger in more than two decades, one that would link the United States, Canada and Mexico, was approved by federal regulators Wednesday.
The bar for railroad mergers in the U.S. was raised substantially at the start of the century after a disastrous combination of Union Pacific and Southern Pacific in 1996 that snarled rail traffic for an extended period, followed by the 1999 split of Conrail between Norfolk Southern and CSX, which created backups in the East.
The new single-line service is expected to “foster the growth of rail traffic, shifting approximately 64,000 truckloads annually from North America’s roads to rail, and will support investment in infrastructure, service quality, and safety,” the board said. Canadian Pacific outmaneuvered Canadian National CNI railroad in 2021 to complete the deal even though Canadian National offered $33.6 billion for Kansas City Southern. Canadian National lost out in the bidding war because the Surface Transportation Board rejected part of its plan to acquire Kansas City Southern.
Why don't the FDIC and banks charge account holders with over $1M on deposit a small monthly insurance fee?
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
$31 Billion US Railroad Merger to Go Forward, Despite Opposition From Metra, Many Chicago SuburbsThe way has been cleared for the first major railroad merger in more than two decades after federal regulators approved Canadian Pacific’s $31 billion acquisition of Kansas City Southern. However, a number of suburbs across Chicago aren’t in favor of the merger, saying that it would significantly increase traffic and put communities along the line at risk. MaryAnnAhernNBC How about we start investing more in grade separation and new dedicated lines to route trains away from the city?
Source: nbcchicago - 🏆 545. / 51 Read more »
First major US railroad merger in 2 decades will go forwardThe way has been cleared for the first major railroad merger in more than two decades after federal regulators approved Canadian Pacific’s $31 billion acquisition of Kansas City Southern. They need a third company for this merger so it can be announced by Gordon Lightfoot. Timing is… interesting? Nationalize the rail
Source: AP - 🏆 728. / 51 Read more »
Federal regulators approve merger expected to bring more freight trains to Chicago areaFederal regulators have approved a major rail merger expected to bring more freight trains through parts of the Chicago area, despite concerns raised by Metra, suburban towns and Illinois members of Congress.
Source: chicagotribune - 🏆 8. / 91 Read more »
Feds approve first major railroad merger in two decadesThe U.S. Surface Transportation Board signed off on Canadian Pacific's $31 billion acquisition of Kansas City Southern. Sure why not
Source: cbschicago - 🏆 546. / 51 Read more »
First major US railroad merger in decades will go forwardFederal regulators approved Canadian Pacific’s $31 billion acquisition of Kansas City Southern late Wednesday morning following a years-long review process. After sabotage of over 100 trains as blackmail Just like the airlines. No competition, don't give a crap about customers and only care about government bail outs.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Transportation board approves railroad merger between Canadian Pacific, Kansas City SouthernThe U.S. Surface Transportation Board has approved a controversial CP merger with KCS, opposed by multiple suburbs but with conditions.
Source: dailyherald - 🏆 317. / 59 Read more »