CP, KCS announce Mexico approval of merger
The Canadian Pacific and Kansas City Southern railroads announced last week that they have received the required regulatory pre-transaction control approvals from the Mexican Federal Economic Competition Commission and the Mexican Federal Telecommunications Institute for the previously announced proposed combination of KCS and CP.
“This is a significant milestone in creating the first single-line rail network linking the U.S., Mexico and Canada,” a spokeswoman for the two companies said.
The news release also noted, “The transaction remains subject to satisfaction of customary closing conditions, including approval from stockholders of both companies. CP’s and KCS’ stockholders are scheduled to vote on the proposed transaction on Dec. 8 and 10, 2021, respectively. Provided the transaction is approved by CP and KCS stockholders, it is expected to close two business days later on Dec. 14.”
The release also noted that the review by the Surface Transportation Board, a U.S. agency, is expected to be completed by the fourth quarter of 2022.
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