{"id":494248,"date":"2021-05-17T08:35:14","date_gmt":"2021-05-17T12:35:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/support-grows-for-cpkcs-as-doj-affirms-anticompetitive-concerns-with-cn-proposal\/"},"modified":"2021-05-17T08:35:14","modified_gmt":"2021-05-17T12:35:14","slug":"support-grows-for-cpkcs-as-doj-affirms-anticompetitive-concerns-with-cn-proposal","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/support-grows-for-cpkcs-as-doj-affirms-anticompetitive-concerns-with-cn-proposal\/","title":{"rendered":"Support Grows for CP+KCS as DOJ Affirms Anticompetitive Concerns with CN Proposal"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n More than 680 Letters Now Filed with STB Cite CP-KCS Competitive Benefits, Urge Swift Review<\/i>\n <\/p>\n

\n CP Confident in Superior Status as Only Viable Class 1 Merger Partner to KCS <\/i>\n <\/p>\n

\n CALGARY, AB<\/span>, May 17, 2021<\/span> \/PRNewswire\/ –\u00a0Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (“CP”) today announced that more than 130 additional stakeholders have filed statements with the Surface Transportation Board (“STB”) supporting CP’s planned, friendly merger with Kansas City Southern (“KCS”), bringing the total submitted to date to more than 680. There are also more than 110 letters filed with the STB expressing concern about the Canadian National (“CN”) proposal.<\/p>\n

The letters highlight that a combined CP and KCS would, among other benefits, invigorate transportation competition, expand access to existing and growing markets and provide new service offerings that would improve transit times and reliability along the Canada-U.S.-Mexico<\/span> corridor. <\/p>\n

Last Friday, the Department of Justice (“DOJ”) filed comments with the STB objecting to CN’s proposed use of a voting trust on the grounds that a CN merger with KCS would pose greater risks to competition than the CP-KCS agreement.<\/p>\n

The DOJ’s position is consistent with CP’s assessment that CN’s proposal is illusory and offers unattainable value to KCS’ shareholders.<\/p>\n

CP remains confident its friendly agreement with KCS is superior to the CN proposal because CP+KCS is the only viable Class 1 merger, as validated by two favorable rulings by the STB. The STB has approved CP’s use of a voting trust and affirmed KCS’ waiver from the new rail merger rules it adopted in 2001 because a CP-KCS combination is truly end-to-end, pro-competitive and together they would remain the smallest Class 1 railway.<\/p>\n

CP is seeking approval from the STB for the combination, which also remains subject to the approvals of CP and KCS shareholders and other customary closing conditions. The STB review is expected to be completed by the middle of 2022. <\/p>\n

For more information on the transaction and the benefits it is expected to bring to the full range of stakeholders, visit FutureForFreight.com<\/a>.<\/p>\n

FORWARD-LOOKING STATEMENTS AND INFORMATION\u00a0\u00a0<\/p>\n

This news release includes certain forward-looking statements and forward looking information (collectively, FLI). FLI is typically identified by words such as\u00a0“anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI.\u00a0\u00a0<\/p>\n

Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature,\u00a0FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by these FLI, including, but not limited to, the following: the timing and completion of the transaction, including receipt of regulatory and shareholder approvals and the satisfaction of other conditions precedent; interloper risk; the realization of anticipated benefits and synergies of the transaction and the timing thereof; the success of integration plans; the focus of management time and attention on the transaction and other disruptions arising from the\u00a0transaction; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favourable terms or at all; cost of debt and equity capital; the pending share split of CP’s\u00a0issued and outstanding common shares; potential changes in the CP share price which may negatively impact the value of consideration offered to KCS shareholders; the ability of management of CP, its subsidiaries and affiliates to execute key priorities, including those in connection with the transaction; general Canadian, U.S., Mexican and global social, economic, political, credit and business conditions; risks associated with agricultural production such as weather conditions and insect populations; the\u00a0availability and price of energy commodities; the effects of competition and pricing pressures, including competition from other rail carriers, trucking companies and maritime shippers in Canada<\/span>, the U.S. and Mexico<\/span>; industry capacity; shifts in market demand; changes in commodity prices; uncertainty surrounding timing and volumes of commodities being shipped; inflation; geopolitical instability; changes in laws, regulations and government policies, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; disruption in fuel supplies; uncertainties of investigations, proceedings or other types of claims and litigation; compliance with environmental regulations; labour disputes; changes in labour costs and labour difficulties; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; exchange rates; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes to international trade arrangements; the effects of current and future multinational trade agreements on the level of trade among Canada<\/span>, the U.S. and Mexico<\/span>; climate change and the market and regulatory responses to climate change; anticipated in-service dates; success of\u00a0hedging activities; operational performance and reliability; customer, shareholder, regulatory and other stakeholder approvals and support; regulatory and legislative decisions and actions; the adverse impact of any termination or revocation by the Mexican government of Kansas City Southern de Mexico<\/span>, S.A. de C.V.’s Concession; public opinion; various events that could disrupt operations, including severe weather, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and governmental response to them, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; insurance coverage limitations; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; and the pandemic created by the outbreak of COVID-19 and resulting effects on economic conditions, the demand environment for logistics requirements and energy prices, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains.\u00a0\u00a0\u00a0<\/p>\n

We caution that the foregoing list of factors is not exhaustive and is made as of the date hereof. Additional information about these and other assumptions, risks and uncertainties\u00a0can be found in reports and filings by CP and KCS with Canadian and U.S. securities regulators, including any proxy statement, prospectus, material change report, management information circular or registration statement to be filed in connection with the\u00a0transaction. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty.\u00a0<\/p>\n

Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this webpage is expressly qualified in its entirety by these cautionary statements.\u00a0<\/p>\n

ABOUT CANADIAN PACIFIC\u00a0<\/p>\n

Canadian Pacific (TSX:\u00a0CP) (NYSE: CP) is a transcontinental railway in Canada<\/span> and the United States<\/span> with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit www.cpr.ca<\/a> to see the rail advantages of CP. CP-IR\u00a0<\/p>\n

ADDITIONAL INFORMATION ABOUT THE TRANSACTION AND WHERE TO\u00a0FIND IT\u00a0<\/p>\n

CP will file with the U.S. Securities and Exchange Commission (SEC) a registration statement on Form F-4, which will include a proxy statement of KCS that also constitutes a prospectus of CP, and any other documents in connection with the transaction. The definitive proxy statement\/prospectus will be sent to the shareholders of KCS. CP will also file a management proxy circular in connection with the transaction with applicable securities regulators in Canada<\/span> and the management proxy circular will\u00a0be sent to CP shareholders. INVESTORS AND SHAREHOLDERS OF KCS AND CP ARE URGED TO READ THE PROXY STATEMENT\/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, AS APPLICABLE, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA<\/span> IN CONNECTION\u00a0WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT KCS, CP, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement\/prospectus and other documents filed by\u00a0CP and KCS with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov<\/a>. In addition, investors and shareholders will be able to obtain free copies of the registration statement, proxy statement\/prospectus, management proxy circular and other documents which will be filed with the SEC and applicable securities regulators in Canada<\/span> by CP online at investor.cpr.ca and www.sedar.com<\/a>, upon written request delivered to CP at 7550 Ogden Dale Road S.E., Calgary, Alberta<\/span>, T2C 4X9,\u00a0Attention: Office of the Corporate Secretary, or by calling CP at 1-403-319-7000, and will be able to obtain free copies of the proxy statement\/prospectus and other documents filed with the SEC by KCS online at www.investors.kcsouthern.com<\/a>, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri<\/span> 64105, Attention: Corporate Secretary, or by calling KCS’s Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at corpsec@kcsouthern.com<\/a>.\u00a0<\/p>\n

You may also read and copy\u00a0any reports, statements and other information filed by KCS and CP with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C.<\/span> 20549. Please call the SEC at 1-800-732-0330 or visit the SEC’s website for further information on its public reference room. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933,\u00a0as amended.\u00a0<\/p>\n

PARTICIPANTS IN THE SOLICITATION OF PROXIES\u00a0<\/p>\n

This communication is not a solicitation of proxies in connection with the transaction. However, under SEC rules, CP, KCS, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the transaction. Information about CP’s directors and executive officers may be found in its 2021 Management Proxy Circular, dated March 10, 2021<\/span>, as well as its 2020 Annual Report on Form 10-K filed with the SEC and applicable securities regulators in Canada<\/span> on February 18, 2021<\/span>, available on its website at investor.cpr.ca and at www.sedar.com<\/a> and www.sec.gov<\/a>. Information about KCS’s directors and executive officers may be found on its website at www.kcsouthern.com<\/a>\u00a0and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021<\/span>, available at www.sec.gov<\/a> and www.investors.kcsouthern.com<\/a>. These documents can be obtained free of charge from the sources indicated above.\u00a0Additional information regarding the interests of such potential participants in the solicitation of proxies in connection with the transaction will be included in the proxy statement\/prospectus and management proxy circular and other relevant materials filed with the SEC and applicable securities regulators in Canada<\/span> when they become available.\u00a0<\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/support-grows-for-cpkcs-as-doj-affirms-anticompetitive-concerns-with-cn-proposal-301292478.html<\/a><\/p>\n

SOURCE Canadian Pacific<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire More than 680 Letters Now Filed with STB Cite CP-KCS Competitive Benefits, Urge Swift Review CP Confident in Superior Status as Only Viable Class 1 Merger Partner to KCS CALGARY, AB, May 17, 2021 \/PRNewswire\/ –\u00a0Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (“CP”) today announced that more than 130 additional stakeholders have filed statements with the Surface Transportation Board (“STB”) supporting CP’s planned, friendly merger with Kansas City Southern (“KCS”), bringing the total submitted to date to more than 680. There are also more than 110 letters filed with the STB expressing concern about the Canadian National (“CN”) proposal. The letters highlight that a combined CP and KCS would, among other benefits, invigorate transportation competition, expand access … <\/p>\n

Continue reading “Support Grows for CP+KCS as DOJ Affirms Anticompetitive Concerns with CN Proposal”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-494248","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSupport Grows for CP+KCS as DOJ Affirms Anticompetitive Concerns with CN Proposal - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/support-grows-for-cpkcs-as-doj-affirms-anticompetitive-concerns-with-cn-proposal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Support Grows for CP+KCS as DOJ Affirms Anticompetitive Concerns with CN Proposal - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire More than 680 Letters Now Filed with STB Cite CP-KCS Competitive Benefits, Urge Swift Review CP Confident in Superior Status as Only Viable Class 1 Merger Partner to KCS CALGARY, AB, May 17, 2021 \/PRNewswire\/ –\u00a0Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (“CP”) today announced that more than 130 additional stakeholders have filed statements with the Surface Transportation Board (“STB”) supporting CP’s planned, friendly merger with Kansas City Southern (“KCS”), bringing the total submitted to date to more than 680. 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There are also more than 110 letters filed with the STB expressing concern about the Canadian National (“CN”) proposal. 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