A railroad merger nearly derailed this year by a bidding war is moving forward ahead of a final say from regulators on Canadian Pacific's
Canadian Pacific set up a voting trust that purchased
Executives for both railroads remain confident that the merger, one that will create the only railroad linking
"We are excited to reach this milestone on the path toward creating this unique truly North American railroad,” Canadian Pacific CEO
Canadian Pacific outmaneuvered Canadian National railroad to complete the deal it first announced in March even though Canadian National offered
Even though the deal is still being scrutinized,
Canadian Pacific issued 262.6 million new shares Tuesday to complete the purchase. It also took on
But even with the deal expenses, Canadian Pacific said Tuesday that it expects its earnings per share this year to be up by a percentage in the high single digits. The railroad believes volume will be roughly flat this year after severe flooding and wildfires in
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