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CFIUS approves CP-KCS merger

Rail News Home Canadian Pacific 8/16/2022 Rail News: Canadian Pacific
image Canadian Pacific today announced it has received the required regulatory clearance from the Committee on Foreign Investment in the United States (CFIUS) for the proposed combination of CP and Kansas City Southern. CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States and certain real estate transactions by foreign persons in order to determine the impact such transactions may have on U.S. national security. CP completed its acquisition of KCS on Dec. 14, 2021. Upon the acquisition's closing, KCS shares were placed into a voting trust to ensure KCS operates independently of CP while the Surface Transportation Board completes its regulatory review of the companies' joint railroad control application to create Canadian Pacific Kansas City (CPKC). If the STB approves the merger, CPKC will become the only single-line railroad linking the United States, Mexico and Canada. The STB's review of CP's proposed control of KCS is expected to be completed in early 2023, CP officials said in a press release.

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Canadian Pacific reports 'strong' results in Q2

Rail News Home Canadian Pacific 7/28/2022 Rail News: Canadian Pacific
image Canadian Pacific today announced it posted "strong" second-quarter 2022 results, including revenue of CA$2.2 billion, a 7% increase compared with the same period last year. The railroad reported operating income of CA$868 million, up from CA$820 million a year ago. Net income of CA$765 million for the quarter was down from CA$1.2 million posted in Q2 2021. CP reported diluted earnings per share (EPS) of 82 cents, down 56%, and an adjusted diluted EPS of 95 cents, down 8%. In addition, CP posted a Q2 2022 operating ratio (OR) of 60.6%, up from 60.1% a year ago, and an adjusted OR of 59.7%, up from 55.3% last year. "After a challenging first quarter of the year, I'm proud of the resiliency and discipline the CP team demonstrated to deliver these results," said President and CEO Keith Creel in a press release. During the quarter ending June 30, CP incurred $19 million in costs related to its acquisition of Kansas City Southern. "The strong demand environment for North American goods and commodities, coupled with our own unique growth initiatives and the promising upcoming Canadian grain crop, gives me confidence that we will continue to see momentum build into the back half of 2022 and beyond," said Creel. The proposed merger of CP and KCS is awaiting approval from the Surface Transportation Board. Earlier this week, the board announced it scheduled a public hearing on the acquisition for Sept. 28, 29 and 30.

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Bettendorf council OKs pact with CP to mitigate increased train traffic

Rail News Home Canadian Pacific 7/11/2022 Rail News: Canadian Pacific
image If the merger is approved, about 14 additional trains are expected to pass through the Bettendorf area each day. Photo – cpr.ca

The Bettendorf, Iowa, City Council last week approved a $3 million agreement with Canada Pacific that would address noise and safety concerns if CP's merger with Kansas City Southern receives federal approval.

CP would pay the $3 million within 60 days of the Surface Transportation Board’s approval of the merger, the Quad-City Times reported last week. The merger plan is currently under the board’s review.

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CP joins UN Global Compact

Rail News Home Canadian Pacific 7/8/2022 Rail News: Canadian Pacific
image The Class I is the first freight-rail company in North America to participate in the U.N. compact, according to CP. Photo – cpr.ca

Canadian Pacific yesterday announced it has joined the United Nations Global Compact, a voluntary leadership platform for the development, implementation and disclosure of socially responsible business practices.

The Class I is the first freight-rail company in North America to participate in the compact, CP officials said in a press release. Launched in 2000, it is the largest corporate sustainability initiative in the world, with more than 15,000 participating companies in more than 160 countries.

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CP to become CMA CMG's primary rail provider in Canada

Rail News Home Canadian Pacific 6/1/2022 Rail News: Canadian Pacific
image Canadian Pacific yesterday announced a new multiyear agreement with CMA CGM Group in which the Class I will become the shipping company's primary rail provider in Canada, serving the ports of Vancouver, Montreal and Saint John. CP's access to the ports of Vancouver and Montreal, as well as to Port Saint John via New Brunswick Southern Railway, will enable the Class I to move the majority of CMA CGM's freight from Canadian ports to key Canadian and U.S. Midwest inland markets, CP officials said in a press release. The railroad will provide the company with "safe and reliable service that includes the shortest route miles to key markets," said John Brooks, CP's executive vice president and chief marketing officer.  "CP's dedication to best-in-class service is enabling supply chain recovery that will drive future growth opportunities for the North American economy," he said. The agreement also recognizes future growth opportunities connected to CP's proposed merger with Kansas City Southern, which would add market reach and create new efficiencies, CP officials said. The proposed merger is under consideration by the Surface Transportation Board.

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