As previously mentioned, FMA will provide periodic updates on the proposed CP-KCS merger and the competing CN offer. FMA update number 4 was sent on April 21. For simplicity, and because there is only one actual merger application under consideration by the Surface Transportation Board (STB) at this time, we are using “CP-KCS Proposed Merger” in the title. FMA is not expressing support for either proposed offer.
The main developments since the last update are two decisions by the STB.
- Allow the pre-2001 expedited approval process for CP-KCS merger application.
- Approval of the Voting Trust proposed by CP and KCS. The CP statement can be found at the second link below.
On May 12, Progressive Railroading published an extensive and balanced update covering information on both the CN and CP offers which also includes comments from several industry watchers. It summarizes the main developments from the original CP/KCS announcement through to the most recent developments.
The Progressive Railroading report can be accessed by clicking on the first link below.