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Kansas City Southern yesterday announced that Sameh Fahmy, executive vice president of precision scheduled railroading, will leave the company by the end of the year.
During his tenure at the railroad, which began in January 2019, Fahmy led the company through its transformational implementation of precision scheduled railroading (PSR), KCS officials said in a news release.
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Kansas City Southern yesterday adjourned its special meeting for KCS stockholders to vote on the merger agreement with CN until Sept. 3.
All stockholders of record of KCS common stock and KCS 4% noncumulative preferred stock as of the close of business on July 1, 2021, will be entitled to vote their shares at the meeting, KCS officials said in a news release.
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It didn’t take long for Kansas City Southern’s board to consider Canadian Pacific’s sweetened merger offer.
Just two days after CP presented the higher bid, KCS’ board determined it doesn’t constitute a “superior proposal” to CN’s competing bid and could not reasonably be expected to lead to a superior proposal. The board came to that conclusion following a “careful and thorough review” in consultation with outside financial and legal advisors, KCS officials said in a press release.
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Kansas City Southern posted second-quarter 2021 revenue of $749.5 million, a 37% increase from the same period a year ago. Overall, carload volumes were up 31% compared to the prior year.
KCS attributed the revenue increase primarily to higher volumes, a higher fuel surcharge and the strengthening of the Mexican peso against the U.S. dollar.
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