By Adriano Marchese
Canadian Pacific Railway Ltd. said Friday that it has received regulatory approvals from Mexican regulators for its merger with Kansas City Southern.
The Canadian railroad said regulatory pre-transaction control approvals were received from the Mexican Federal Economic Competition Commission as well as from the Mexican Federal Telecommunications Institute.
"This important milestone marks the next step on our path to creating the first single-line rail network linking the U.S., Mexico and Canada," CP President and Chief Executive Keith Creel said.
In mid-September, CP agreed acquire KCS in a cash and stock deal valued at around $31 billion.
The transaction still requires the satisfaction of customary closing conditions which include approval from stockholders of both companies.
Meetings of the stockholders are scheduled for Dec. 8 and Dec. 10 for CP and KCS, respectively.
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(END) Dow Jones Newswires