Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Canadian National Railway Company
  6. News
  7. Summary
    CNR   CA1363751027

CANADIAN NATIONAL RAILWAY COMPANY

(CNR)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Canadian National Railway : CN Announces Special Meeting of Shareholders on March 22, 2022; Focused on executing on growth and value creation strategy despite TCI's inappropriate attempts to seize effective control of the company

10/05/2021 | 11:12am EST

MONTREAL- CN (TSX: CNR, NYSE: CNI) today announced that it has scheduled a Special Meeting of Shareholders (the 'Special Meeting') in response to a requisition by CIFF Capital and TCI (collectively 'TCI').

The Special Meeting is scheduled to be held at 9:00 a.m. Eastern Time on Tuesday, March 22, 2022. TCI and CN have mutually agreed to the date of the Special Meeting.

CN remains committed to executing its ambitious, long-term, sustainable growth strategy, and is grateful for early expressions of support for this plan that it has received from valued shareholders, customers, partners and other key stakeholders. The Company has best-in-class corporate governance and a strong shareholder engagement program as it continues to focus on operational excellence, a customer-first culture, innovation and ESG leadership. CN's strategic plan follows a year of significant governance enhancements including the addition of three new independent directors and achieving gender parity among independent directors ahead of plan. At the Company's most recent Annual General Meeting ('AGM'), all directors received greater than 95% of votes in favour, and CN's say-on-pay resolution passed with 97.7% support.

TCI's motives for its requisition are dubious.

TCI is a dissident shareholder that only recently acquired a 5% stake in CN and is seeking to assert effective control over one of Canada's largest and most economically important companies. It is doing so without presenting a credible plan to create superior or sustainable value.

TCI holds an 8.3% stake in Canadian Pacific ('CP'), meaning TCI is the largest shareholder in CN's direct competitor and Canada's second largest Class 1 railroad. TCI's actions over the last several months demonstrate that there is a clear conflict between their interests and those of CN's other shareholders.

Curiously, TCI continues to argue that CN's pursuit of Kansas City Southern ('KCS') was bad for CN. The facts are clear: CN's bid for KCS was a strategic move that resulted in significant benefits for CN's shareholders and stakeholders, including an incremental US$700 million in fees paid to CN. While the pursuit of KCS was demonstrably positive for CN, it has been costly and may yet be problematic for CP and its largest shareholder.

As recently as CN's AGM in April 2021, by all accounts it appears that TCI voted in favour of all resolutions, including director nominees, say-on-pay and the Climate Action Plan. It was only after CN disrupted TCI's and CP's plans for KCS with a revised bid that TCI increased its stake in CN and began attacking the company publicly to try to force its own agenda.

The proxy contest initiated by TCI is misguided, costly and not in the best interest of CN's shareholders or its other stakeholders.

About CN

CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada's Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN, and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

Forward-Looking Statements

Certain statements included in this news release constitute 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as 'believes,' 'expects,' 'anticipates,' 'assumes,' 'outlook,' 'plans,' 'targets,' or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: uncertainties related to the Meeting, including the date of the Meeting and the Record Date. Reference should also be made to Management's Discussion and Analysis in CN's annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN's website, for a description of major risk factors relating to CN.

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward- looking statement.

Contacts:

Media

Canada

Mathieu Gaudreault

CN Media Relations & Public Affairs

(514) 249-4735

Mathieu.Gaudreault@cn.ca

Longview Communications & Public

Affairs

Martin Cej

(403) 512-5730

mcej@longviewcomms.ca

United States

Brunswick Group

Jonathan Doorley / Rebecca Kral

(917) 459-0419 / (917) 818-9002

jdoorley@brunswickgroup.com

rkral@brunswickgroup.com

Investment Community

Paul Butcher

Vice-President

Investor Relations

(514) 399-0052

investor.relations@cn.ca

(C) 2021 Electronic News Publishing, source ENP Newswire

All news about CANADIAN NATIONAL RAILWAY COMPANY
11/24Trains roll into Vancouver after CP Rail restores limited service following mudslides
AQ
11/24CN's New Indigenous Advisory Council Holds Inaugural Meeting and Announces Members
AQ
11/24ICE CANADA MORNING COMMENT : Canola Prices At or Near New Highs
DJ
11/24Deutsche Bank Notes 8% YoY Drop in Rail Volumes as British Columbia Flooding Dents Cana..
MT
11/23ALCOHOL AND AUTO PARTS : Canada's warehouses fill up as floods stop flow of goods
RE
11/23ALCOHOL AND AUTO PARTS : Canada's warehouses fill up as floods stop flow of goods
RE
11/23CN rail traffic in southern B.C. to resume Wednesday after mudslides
AQ
11/23RBC Capital Markets on Timeline for Review of Canadian Pacific's Merger with Kansas Cit..
MT
11/22RBC Capital on Impact of BC Flooding on Forest Products Companies
MT
11/22CN donates $100,000 to Canadian Red Cross British Columbia Floods and Extreme Weather A..
GL
More news
Analyst Recommendations on CANADIAN NATIONAL RAILWAY COMPANY
More recommendations
Financials
Sales 2021 14 501 M 11 368 M 11 368 M
Net income 2021 4 811 M 3 772 M 3 772 M
Net Debt 2021 11 545 M 9 051 M 9 051 M
P/E ratio 2021 23,9x
Yield 2021 1,52%
Capitalization 114 B 89 392 M 89 623 M
EV / Sales 2021 8,68x
EV / Sales 2022 8,36x
Nbr of Employees 23 765
Free-Float 99,4%
Chart CANADIAN NATIONAL RAILWAY COMPANY
Duration : Period :
Canadian National Railway Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CANADIAN NATIONAL RAILWAY COMPANY
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 29
Last Close Price 161,85 CAD
Average target price 164,49 CAD
Spread / Average Target 1,63%
EPS Revisions
Managers and Directors
Jean-Jacques Ruest President, Chief Executive Officer & Director
Ghislain Houle Chief Financial Officer & Executive Vice President
Robert L. Pace Chairman
Dominique Malenfant EVP, Chief Information & Technology Officer
Nayan Bharadwa Vice President-Automated Rail & Technology
Sector and Competitors