(Source: Canadian Pacific Railway press release, August 16, 2022)
CALGARY — Canadian Pacific Railway Limited today announced it has received the required regulatory clearance from the Committee on Foreign Investment in the United States (“CFIUS”) for the proposed combination of CP and Kansas City Southern (“KCS”).
CP completed its acquisition of KCS on Dec. 14, 2021. Immediately upon the closing of the acquisition, the shares of KCS were placed into a voting trust which ensures KCS will operate independently of CP while the U.S. Surface Transportation Board (“STB”) completes its regulatory review of the companies’ joint railroad control application to create Canadian Pacific Kansas City (“CPKC”), the only single-line railroad linking the United States, Mexico and Canada.
The STB review of CP’s proposed control of KCS is expected to be completed in early 2023.