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    CNR   CA1363751027

CANADIAN NATIONAL RAILWAY COMPANY

(CNR)
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Canadian National, Canada Pacific Continue Positioning for Kansas City Southern

05/03/2021 | 07:54am EDT

By Micah Maidenberg

Canadian National Railway Co. and Canadian Pacific Railway Ltd. continued crossing swords in their battle to acquire Kansas City Southern.

CN on Monday said in a letter that its bid to acquire Kansas City Southern would offer customers access to more connections across both companies' combined operations, preserve existing routes and create new shipping options.

The letter, addressed to the "KCS Community," also pledged to maintain its Kansas City U.S. headquarters, among other points.

On Friday, CP said it filed an objection to with the Surface Transportation Board, which regulates railroads in the U.S., that said CN's bid for Kansas City Southern doesn't qualify for a waiver of the agency's rules for major deals.

CP said in part that a waiver should be rejected because a CN-Kansas City Southern combination would greatly expand the gap between the newly merged firm and CP, which would then be the smallest of the major carriers.

In addition, CP in the letter said that a waiver should be rejected because of what it called overlaps between the rail networks controlled now by CN and Kansas City Southern and due to the merger's potential for a broader remaking of rail shipping in the U.S. and Canada.

"Whereas CP/KCS preserves the basic six-carrier structure of the North American rail network (two in the East, two in the West, and two in Canada with routes to the Gulf), the CN/KCS transaction would destabilize that structure," CP said.

CN said in its letter Monday that it has asked the transportation board to "apply a higher 'enhanced competition' standard of regulatory review to our proposed transaction instead of the lower pre-2001 standard CP asked for."

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

05-03-21 0753ET

Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN NATIONAL RAILWAY COMPANY 0.18% 130.05 Delayed Quote.-7.17%
CANADIAN PACIFIC RAILWAY LIMITED -0.32% 94.49 Delayed Quote.6.92%
DJ INDUSTRIAL 0.47% 34032.75 Delayed Quote.10.69%
KANSAS CITY SOUTHERN 0.02% 283.64 Delayed Quote.38.95%
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Financials
Sales 2021 14 908 M 12 083 M 12 083 M
Net income 2021 4 251 M 3 445 M 3 445 M
Net Debt 2021 11 853 M 9 607 M 9 607 M
P/E ratio 2021 21,7x
Yield 2021 1,90%
Capitalization 91 893 M 74 292 M 74 479 M
EV / Sales 2021 6,96x
EV / Sales 2022 6,44x
Nbr of Employees 24 577
Free-Float 99,6%
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Technical analysis trends CANADIAN NATIONAL RAILWAY COMPANY
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 129,80 CAD
Average target price 150,38 CAD
Spread / Average Target 15,9%
EPS Revisions
Managers and Directors
NameTitle
Jean-Jacques Ruest President, Chief Executive Officer & Director
Ghislain Houle Chief Financial Officer & Executive Vice President
Robert L. Pace Chairman
Dominique Malenfant Chief Information & Technology Officer, EVP
Nayan Bharadwa Vice President-Automated Rail & Technology
Sector and Competitors
1st jan.Capitalization (M$)
CANADIAN NATIONAL RAILWAY COMPANY-7.17%74 257
UNION PACIFIC CORPORATION3.16%144 492
NORFOLK SOUTHERN CORPORATION11.43%66 254
CANADIAN PACIFIC RAILWAY LIMITED6.92%51 060
KANSAS CITY SOUTHERN38.95%25 792
XPO LOGISTICS, INC.22.22%16 275