(Source: CN press release, October 1, 2021)
MONTREAL — CN today responded to the numerous misleading claims and inconsistencies in recent disclosures by CIFF Capital and TCI (collectively “TCI”), which, in addition to being a shareholder of CN is the largest shareholder of Canadian Pacific (“CP”), CN’s direct competitor and Canada’s second-largest Class 1 railroad.
As CN highlights below, these erroneous claims include:
- False or misleading characterizations of CN’s performance;
- Inaccurate description of financial risks associated with CN’s bid for Kansas City Southern (“KCS”) and refusal to acknowledge that CN walked away with an incremental $700 million amongst other strategic benefits;
- Failure to provide a credible or differentiated plan; and
- Failure to acknowledge concerns over the fact that TCI is the largest shareholder of CN’s principal competitor.
Full story: www.cn.ca