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Toronto Stocks Rise; CN, CP Shares Jump as Kansas City Southern Bidding Saga Continues

09/01/2021 | 12:18pm EDT

By Adriano Marchese

Toronto stocks were higher at midday, with the S&P/TSX Composite Index ahead by 100.04 points. Shares in rival companies Canadian Pacific Railway Ltd. and Canadian National Railway Co. were both up in mid-trading as they vie for U.S.-based railroad Kansas City Southern.

Canada's S&P/TSX Composite Index was up 0.48% at 20682.47 while the blue-chip S&P/TSX 60 rose 0.54% to 1238.00.

Canadian Pacific shares rose 4.9% to C$90.91 after it had sent an unsolicited proposal to Kansas City Southern affirming its interest in acquiring the company on the same terms as its bid last month.

Meanwhile, rival bidder Canadian National also rose 3.9% to C$154.20. In May, CN entered into a definitive agreement worth $30 billion to acquire Kansas City Southern, but on Tuesday the Surface Transportation Board has ruled it won't be permitted to complete a deal using a temporary voting trust that was a crucial part of the offer.

Other market movers:

Shares in ATS Automation Tooling Systems Inc. were up 2.3% at C$46.66 after it said it acquired Pennsylvania-based NCC Automated Systems Inc. for $40 million.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

09-01-21 1217ET

Stocks mentioned in the article
ChangeLast1st jan.
NCC GROUP PLC -1.39% 248 Delayed Quote.-0.20%
NCC LIMITED -1.41% 76.95 End-of-day quote.33.48%
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