Rail News Home CSX Transportation 7/30/2021 Rail News: CSX Transportation
Maine Gov. Janet Mills Photo – usm.maine.edu
Railroad News
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CSX announced yesterday that its proposed merger with New England’s Pan Am Railways Inc. gained additional support from Maine Gov. Janet Mills as well as four shippers, two municipalities and one member of the New York State Assembly. All filed letters with the Surface Transportation Board (STB) to express support for the deal, CSX officials said in a press release.
“This transaction has the potential to bring substantial benefits to Maine. The state of Maine relies on rail traffic to deliver goods and support our economy. If the transaction is approved, CSX has indicated that it will make upgrades to track and locomotives to provide improved service, extend positive train control on Amtrak's Downeaster, and make other improvements to the rail network,” Mills wrote, according to CSX.
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Rail News Home Canadian Pacific 7/30/2021 Rail News: Canadian Pacific
Canadian Pacific yesterday announced it filed a proxy statement asking Kansas City Southern shareholders to vote against the proposed CN-KCS combination at KCS' special meeting of stockholders scheduled on Aug. 19.CP is asking stockholders to vote against the proposed combination so that CN's proposed acquisition can be decided at a later date, when more information will be available to KCS stockholders."CP has always said it wanted to do a friendly deal with KCS and that remains true," said CP President and Chief Executive Officer Keith Creel in a press release. "CP would have preferred not to appeal directly to KCS's stockholders, but given the impending vote on CN's proposal, we believe we have no choice. What we are doing here is simply contesting the vote on the CN-KCS proposal because a 'yes' vote now would lock KCS stockholders in until February 2022, instead of their being free to consider other, better, options.”CP wants to ensure that KCS stockholders are aware that a vote “without the benefit of an STB decision on the CN voting trust proposal and without a chance to consider other proposals until the spring of next year, would not be in their best interests," Creel added.CP maintains that its proposed merger with KCS “remains the only viable Class I combination,” according to the release. The STB has already approved CP’s use of a voting trust and affirmed KCS's waiver form the new rail merger rules it adopted in 2001 "because a CP-KCS combination is truly end-to-end, pro-competitive, and the only viable Class I combination," they said.
Canadian Pacific yesterday announced it filed a proxy statement asking Kansas City Southern shareholders to vote against the proposed CN-KCS combination at KCS' special meeting of stockholders scheduled on Aug. 19.CP is asking stockholders to vote against the proposed combination so that CN's proposed acquisition can be decided at a later date, when more information will be available to KCS stockholders."CP has always said it wanted to do a friendly deal with KCS and that remains true," said CP President and Chief Executive Officer Keith Creel in a press release. "CP would have preferred not to appeal directly to KCS's stockholders, but given the impending vote on CN's proposal, we believe we have no choice. What we are doing here is simply contesting the vote on the CN-KCS proposal because a 'yes' vote now would lock KCS stockholders in until February 2022, instead of their being free to consider other, better, options.”CP wants to ensure that KCS stockholders are aware that a vote “without the benefit of an STB decision on the CN voting trust proposal and without a chance to consider other proposals until the spring of next year, would not be in their best interests," Creel added.CP maintains that its proposed merger with KCS “remains the only viable Class I combination,” according to the release. The STB has already approved CP’s use of a voting trust and affirmed KCS's waiver form the new rail merger rules it adopted in 2001 "because a CP-KCS combination is truly end-to-end, pro-competitive, and the only viable Class I combination," they said.
Jul
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Rail News Home Canadian National Railway - CN 7/29/2021 Rail News: Canadian National Railway - CN
CN announced today that it is seeking comments on its interim extreme weather fire plan.The plan presents measures to increase prevention, monitoring and responses to wildfire risks when the fire danger level for a given area is "extreme."The measures will supplement existing practices and enable the railroad to serve customers while protecting neighboring communities, CN officials said in a press release.CN is seeking the input of local communities and governments, including Indigenous governments or other Indigenous governing bodies.The deadline to provide feedback is Aug. 30. To submit comments, use the following web-based platform www.cn.ca/extremeweatherplan or call 1-888-888-5909.
CN announced today that it is seeking comments on its interim extreme weather fire plan.The plan presents measures to increase prevention, monitoring and responses to wildfire risks when the fire danger level for a given area is "extreme."The measures will supplement existing practices and enable the railroad to serve customers while protecting neighboring communities, CN officials said in a press release.CN is seeking the input of local communities and governments, including Indigenous governments or other Indigenous governing bodies.The deadline to provide feedback is Aug. 30. To submit comments, use the following web-based platform www.cn.ca/extremeweatherplan or call 1-888-888-5909.
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Rail News Home Canadian Pacific 7/29/2021 Rail News: Canadian Pacific
Canadian Pacific yesterday announced second-quarter financial results, including these Q2 records: revenue of CA$2.05 billion, an adjusted operating ratio (OR) of 55.3%, diluted earnings per share (EPS) of $1.86 and adjusted diluted EPS of $1.03.CP's Q2 revenue climbed 15% from the year-ago period. Year over year, net income rose to CA$1.2 billion from CA$635 million.The Class I's reported OR of 60.1%, which includes Kansas City Southern acquisition-related costs, increased by 310 basis points from 57% a year ago. The adjusted OR, which excludes the KCS acquisition-related costs, improved 170 basis points, CP officials said in a press release.In addition, CP reported that Federal Railroad Administration (FRA)-reportable personal injuries declined 34% to a record-low 0.77 from 1.16 in Q2 2020, and its FRA-reportable train accident frequency decreased 70% versus Q2 2020's 1.19 to a record-low 0.36."Our industry-leading team of railroaders delivered another record quarter. I am particularly proud of our all-time record safety performance made possible by the collective efforts of the over 12,000-strong CP family," said President and Chief Executive Officer Keith Creel. "The robust base demand environment coupled with our unique growth opportunities has CP extremely well positioned as we head into the second half of the year."
Canadian Pacific yesterday announced second-quarter financial results, including these Q2 records: revenue of CA$2.05 billion, an adjusted operating ratio (OR) of 55.3%, diluted earnings per share (EPS) of $1.86 and adjusted diluted EPS of $1.03.CP's Q2 revenue climbed 15% from the year-ago period. Year over year, net income rose to CA$1.2 billion from CA$635 million.The Class I's reported OR of 60.1%, which includes Kansas City Southern acquisition-related costs, increased by 310 basis points from 57% a year ago. The adjusted OR, which excludes the KCS acquisition-related costs, improved 170 basis points, CP officials said in a press release.In addition, CP reported that Federal Railroad Administration (FRA)-reportable personal injuries declined 34% to a record-low 0.77 from 1.16 in Q2 2020, and its FRA-reportable train accident frequency decreased 70% versus Q2 2020's 1.19 to a record-low 0.36."Our industry-leading team of railroaders delivered another record quarter. I am particularly proud of our all-time record safety performance made possible by the collective efforts of the over 12,000-strong CP family," said President and Chief Executive Officer Keith Creel. "The robust base demand environment coupled with our unique growth opportunities has CP extremely well positioned as we head into the second half of the year."