Canadian Pacific received U.S. regulatory approval for its $31.1 billion takeover of freight railroad operator Kansas City Southern. This will create the only railway that runs from Canada to Mexico.
Canadian Pacific received U.S. regulatory approval for its $31.1 billion takeover of freight railroad operator Kansas City Southern and said the merger could close on April 14.This will create the only railway that runs from Canada to Mexico and is the first railroad megamerger in decades.KCS originally agreed to be acquired by Canadian Pacific in March 2021, but then bailed after Canadian National Railroad made a richer offer.
CNR, however, hit regulatory troubles with the deal, driving KCS back into Canadian Pacific's waiting arms.The bottom line: This feels like an outlier, given how eager the Biden administration has been to block other large deals. In fact, the U.S. Surface Transportation Board's approval came over the public objection of Sen. Elizabeth Warren and a DOJ letter that expressed "serious concerns" about freight rail industry consolidation.
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