By Cara Lombardo
Canadian National Railway Co. is planning to make a roughly $30 billion topping bid for Kansas City Southern, according to people familiar with the matter, likely kicking off a bidding war for a railroad operator that has already agreed to a sale to another Canadian rival.
Canadian National plans to offer $325 for each Kansas City Southern share Tuesday, including $200 a share in cash and 1.059 Canadian National shares, the people said. The offer represents about a 20% premium to Canadian Pacific Railway Ltd.'s agreement to pay $275 a share including $90 in cash, a roughly $25 billion deal reached last month.
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(END) Dow Jones Newswires