Canadian Pacific to acquire Kansas City Southern for $31bn.

Canadian Pacific, a transportation services company, agreed to acquire Kansas City Southern, a transportation holding company, for $31bn. “Our path to this historic agreement only reinforces our conviction in this once-in-a-lifetime partnership. We are excited to get to work bringing these two railroads together. By combining, we will unlock the full potential of our networks and our people while providing industry-best service for our customers. This perfect end-to-end combination creates the first US-Mexico-Canada rail network with new single-line offerings that will deliver dramatically expanded market reach for CP and KCS customers, provide new competitive transportation options, and support North American economic growth," Keith Creel, Canadian Pacific President and Chief Executive Officer. On April 20, 2021, Canadian National has made a proposal to combine with Kansas City Southern in a cash-and-stock transaction valued at $29.6bn. On April 28, 2021, Cascade Investment, a shareholder in Canadian National, said it fully supports talks between Kansas City Southern and Canadian National. On May 21, 2021, Kansas City Southern terminated the Canadian Pacific deal in favor of Canadian National. On August 10, 2021, Canadian Pacific increased its offer to $27.2bn. On August 31, 2021, Surface Transportation Board rejected a voting trust structure. On September 12, 2021, Kansas City Southern accepted Canadian Pacific's offer. On September 15, 2021, Kansas City Southern provided notice of termination of the previously announced May 21, 2021 definitive merger agreement with CN. On November 23, 2021, Surface Transportation Board accepts CP-KCS merger application as complete and sets procedural schedule. On November 26, Canadian Pacific and Kansas City Southern merger proposal receives required Mexican regulatory approvals. On December 10, 2021, Kansas City Southern stockholders approve merger with Canadian Pacific. On March 15, 2023 , US Surface Transportation Board approved the merger.