Canadian National (CN) seems to have won the approval of Kansas City Southern (KCS).
The US railroad has told rival bidder Canadian Pacific (CP) of its intent to terminate its proposed merger agreement.
CN said it had submitted “an enhanced binding superior proposal and merger agreement” to the KCS board, including more of its shares and covering the $700m termination fee KCS will owe CP.
JJ Ruest, CN’s CEO, said: “We’re delighted KCS …
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Source: The Loadstar