Rail supremacy: Surveyors work next to CP Rail trains in Toronto. Canadian Pacific’s proposal to Kansas City Southern to take over operations is dominating headlines. — AP
DALLAS: Kansas City Southern (KCS) said it is backing out of a merger agreement with Canadian National Railway Co and plans to accept a competing offer from Canadian Pacific Railway Ltd (CP Rail), the latest step in the fight over which railroad would become the first to operate in Canada, the United States and Mexico.
CP Rail’s proposal was declared superior even though at about US$27bil (RM112bil), it’s lower than Canadian National’s US$30bil (RM124bil) offer, which began to unravel last month amid questions over whether it would win regulatory approval.
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