Copernicium

CP: CN's proposed voting trust timetable is not constructive and not serious

Retrieved on: 
Tuesday, May 18, 2021

CN was not subject to the 2001 merger rules until yesterday, despite its invitation to have them applied to a CN/KCS transaction.

Key Points: 
  • CN was not subject to the 2001 merger rules until yesterday, despite its invitation to have them applied to a CN/KCS transaction.
  • By finding that the KCS waiver from the 2001 rules does not apply to a CN/KCS transaction, the Board\'s decision yesterday is what invoked the requirement for formal approval of CN\'s proposed voting trust.
  • CN has pointed to no compelling exigency that requires a more expedited schedule; its proposed Merger Agreement allows a nine-month period in which to obtain "STB Voting Trust Approval."
  • CP provides North American customers a competitive rail service with access to key markets in every corner of the globe.

CN Issues Statement on STB Decision

Retrieved on: 
Monday, May 17, 2021

CN has received strong support for its combination with KCS as evidenced by the over 1,000 letters of support that have been filed with the STB by customers and other stakeholders.

Key Points: 
  • CN has received strong support for its combination with KCS as evidenced by the over 1,000 letters of support that have been filed with the STB by customers and other stakeholders.
  • In particular, CN will demonstrate that our strong balance sheet, cash flows and ratings profile will provide certainty that we have the financial strength and integrity to satisfy the STB\xe2\x80\x99s public interest analysis.
  • 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.
  • Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable.

CN Proposal Deemed Superior by Kansas City Southern

Retrieved on: 
Thursday, May 13, 2021

b'With Confirmatory Due Diligence Complete, CN Looks Forward to Promptly Entering into Merger Agreement with KCS\nMONTREAL, May 13, 2021 (GLOBE NEWSWIRE) -- CN (TSX: CNR, NYSE: CNI) today announced that following the completion of confirmatory due diligence, it submitted an enhanced binding superior proposal and merger agreement to the Kansas City Southern (NYSE: KSU) (\xe2\x80\x9cKCS\xe2\x80\x9d) Board of Directors.

Key Points: 
  • b'With Confirmatory Due Diligence Complete, CN Looks Forward to Promptly Entering into Merger Agreement with KCS\nMONTREAL, May 13, 2021 (GLOBE NEWSWIRE) -- CN (TSX: CNR, NYSE: CNI) today announced that following the completion of confirmatory due diligence, it submitted an enhanced binding superior proposal and merger agreement to the Kansas City Southern (NYSE: KSU) (\xe2\x80\x9cKCS\xe2\x80\x9d) Board of Directors.
  • Together, CN and KCS will seamlessly connect ports and rails in the United States, Mexico and Canada by providing superior service, enhanced competition and new market access to move goods across North America safely and efficiently.
  • CN and KCS will accelerate innovation and investment as CN brings its industry-leading safety technology and fuel efficiency to the KCS network.
  • Nonetheless, CN and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions.

CP Addresses CN's Contention that Voting Trust Proposals Should Be Reviewed Under Same Standards and Processes

Retrieved on: 
Tuesday, April 27, 2021

In that submission, CN asks the Board to subject the voting trust arrangement proposed by Canadian Pacific ("CP") for its acquisition of Kansas City Southern ("KCS") to the same review process and standards that govern CN\'s proposed voting trust.

Key Points: 
  • In that submission, CN asks the Board to subject the voting trust arrangement proposed by Canadian Pacific ("CP") for its acquisition of Kansas City Southern ("KCS") to the same review process and standards that govern CN\'s proposed voting trust.
  • As explained below, CN\'s position is both contrary to law and fundamentally at odds with the very different factual contexts of the two voting trust proposals.
  • See CN-6 at 4-7 (CN\'s supposedly "identical" voting trust agreement and trustee selection satisfies "longstanding and specific guidelines in part 1013").
  • The Board\'s 2001rules require that any voting trust proposal be considered in the context of the specific transaction for which a trust would be used.

CN Proud to Celebrate 25th Anniversary of its Privatization

Retrieved on: 
Tuesday, November 17, 2020

The privatization of CN was anticipated with widespread skepticism, but executed with startling success and today it is the source of enormous pride for our employees and all those involved over the years.

Key Points: 
  • The privatization of CN was anticipated with widespread skepticism, but executed with startling success and today it is the source of enormous pride for our employees and all those involved over the years.
  • It allowed CN to unleash the powerful creative and competitive forces of our railroaders.
  • Privatization allowed it to pioneer the Precision Scheduled Railroading model, which has vastly improved railroad efficiency since it was implemented at CN in 1998.
  • Artificial intelligence and advanced data analysis are now propelling CN into the next evolution; the digitalization of scheduled railroading.

CN Supportive of the Amendment to the Ministerial Order on Train Speed

Retrieved on: 
Monday, February 17, 2020

MONTREAL, Feb. 16, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) is supportive of the decision by Canadas Transport Minister to amend the Ministerial Order issued on February 7, 2020.

Key Points: 
  • MONTREAL, Feb. 16, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) is supportive of the decision by Canadas Transport Minister to amend the Ministerial Order issued on February 7, 2020.
  • Safety is a core value at CN, and we are supportive of the Minister of Transportations decision, said JJ Ruest, president and chief executive officer at CN.
  • This amended Ministerial Order focusses on the safety of Canadians, particularly those living close to rail lines and that is of paramount importance to CN.
  • We wish to thank our customers, employees, supply chain partners and all who continue to support CN during this very unfortunate time.

CN Employees’ and Pensioners’ Community Fund Announces Record Results for its 2020 Fundraising Campaign

Retrieved on: 
Friday, January 24, 2020

MONTREAL, Jan. 24, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that the 2020 CN Employees and Pensioners Community Fund (the Community Fund) campaign raised a record-setting amount of just over C$2 million for charities.

Key Points: 
  • MONTREAL, Jan. 24, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that the 2020 CN Employees and Pensioners Community Fund (the Community Fund) campaign raised a record-setting amount of just over C$2 million for charities.
  • CN employees and pensioners have been more generous than ever, said OlivierChouc, vice-president of law at CN, and chairman of the board of the CN Community Fund.
  • This success is unprecedented and the result of ongoing efforts by many of our employees and pensioners.
  • The Fund, which has been in existence for 53 years and run by CN employees and pensioners acting on behalf of their colleagues, organizes fundraising activities and annual campaigns in support of various Canadian charities.

CN Continues to Execute Recovery Plan

Retrieved on: 
Tuesday, December 3, 2019

MONTREAL, Dec. 03, 2019 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today announced that its recovery plan is on track and that it is revising its guidance following the impact of the 8-day strike.

Key Points: 
  • MONTREAL, Dec. 03, 2019 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today announced that its recovery plan is on track and that it is revising its guidance following the impact of the 8-day strike.
  • Our discipline on our recovery plan is delivering results, said JJ Ruest, president and chief executive officer of CN.
  • CN would like to thank its customers for the collaboration they have provided during the recovery process and will continue to work closely with them.
  • CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP).

United Steelworkers Ratify New CN Agreement

Retrieved on: 
Tuesday, February 5, 2019

TORONTO, Feb. 5,2019 /CNW/ - CN (TSX: CNR) (NYSE: CNI) and United Steelworkers (USW) announced today thatfollowing a tentative agreement reached between CN and USW Local 2004 negotiators in December, union members in communities across the country reviewed the agreement and approved the contract in a national ratification vote held over the last several weeks.

Key Points: 
  • TORONTO, Feb. 5,2019 /CNW/ - CN (TSX: CNR) (NYSE: CNI) and United Steelworkers (USW) announced today thatfollowing a tentative agreement reached between CN and USW Local 2004 negotiators in December, union members in communities across the country reviewed the agreement and approved the contract in a national ratification vote held over the last several weeks.
  • "This five-year agreement provides CN with long-term stability," said JJ Ruest, president and chief executive officer of CN.
  • "This agreement reflects the fact that thesemaintenance-of-way employees work in extremely challenging conditions every day, performing servicesthat are vital to CN's operations," Neumann said.
  • For more information about the United Steelworkers, visit our website at www.usw.ca .