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Canadian National notifies U.S. regulator of its plan to buy Kansas City Southern

Reuters
·1-min read

April 21 (Reuters) - Canadian National said on Wednesday it had notified the U.S. Surface Transportation Board of its intent to buy Kansas City Southern after it made an unsolicited $30 billion bid for the U.S. railroad.

Canadian National had informed the STB, which oversees freight rail service and rates in the United States, that it plans to file an application, seeking permission to combine with Kansas City Southern, the company said.

The notice commences a regulatory process should Kansas City Southern accept Canadian National's offer, it added.

The company's offer trumps a $25 billion bid made by rival Canadian Pacific for Kansas City Southern in March.

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Canadian Pacific also wrote to the STB on Wednesday, urging the regulator to allow its bid for Kansas City Southern to proceed.

Analysts widely expect Canadian Pacific to raise it offer for Kansas City Southern that is set to heat up a bidding war for the U.S. company. (Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva)