CP Rail Shareholders Approve Stock Issuance as Part of Kansas City Southern Deal

By Adriano Marchese

Canadian Pacific Railway Ltd. said its shareholders have voted overwhelmingly in favor of issuing its stock to Kansas City Southern shareholders as part of their proposed combination.

In a special meeting Wednesday, the Canadian railroad said its shareholders voted 99.91% in favor of issuing up to 278 million shares as the share portion of the consideration of the deal.

Shareholders also have approved in near-total majority to rename the company Canadian Pacific Kansas City Ltd.

"The shareholder approvals today are a key step on our path to this once-in-a-lifetime partnership to create the first U.S.-Mexico-Canada rail network," President and Chief Executive Keith Creel said.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

12-08-21 1206ET