✪✪✪ Canadian Pacific Railway Case Study

Monday, December 06, 2021 6:30:27 AM

Canadian Pacific Railway Case Study

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History Bits: Canadian Pacific Railway Co.

CP estimates its long-term leverage target of approximately 2. The combined company will remain committed to maintaining strong investment grade credit ratings while continuing to return capital for the benefit of shareholders. More than 1, stakeholders — including railroad labor unions, shippers, and community leaders — have written letters to the STB supporting CP's proposed combination with KCS.

These letters emphasize the enhanced competition and unsurpassed levels of service, safety and economic efficiency that the transaction will bring for shippers and communities across the U. To close into voting trust, the transaction requires approval from shareholders of both companies along with satisfaction of customary closing conditions, including Mexican regulatory approvals. The companies expect the transaction to close and KCS shareholders to receive their consideration in Q1 Upon obtaining control approval, the two companies will be integrated fully over the ensuing three years, unlocking the benefits of the combination. Creel will serve as the Chief Executive Officer of the combined company.

The Mexico headquarters will remain in Mexico City and Monterrey. Paul will remain an important base of operations. LLC are serving as financial advisors to Canadian Pacific. Meyer are serving as legal counsel. ET to discuss this announcement. Supporting materials will be posted on www. To listen to the live conference call, dial in the U. A conference call replay will be available for one week following the call and can be accessed by dialing no passcode needed. FLI is typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook.

All statements other than statements of historical fact may be FLI. Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. We caution that the foregoing list of factors is not exhaustive and is made as of the date hereof.

Additional information about these and other assumptions, risks and uncertainties can be found in reports and filings by CP and KCS with Canadian and U. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty. Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise.

All FLI in this news release is expressly qualified in its entirety by these cautionary statements. Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise.

Visit www. Headquartered in Kansas City, Mo. Its primary U. More information about KCS can be found at www. CP will file with the U. Securities and Exchange Commission SEC a registration statement on Form F-4, which will include a proxy statement of KCS that also constitutes a prospectus of CP, and any other documents in connection with the transaction. CP will also file a management proxy circular in connection with the transaction with applicable securities regulators in Canada and the management proxy circular will be sent to CP shareholders. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction.

No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U. Securities Act of , as amended. Although this news release includes forward-looking non-GAAP measures adjusted diluted EPS and earnings before interest, tax, depreciation and amortization EBITDA , it is not practicable to reconcile, without unreasonable efforts, these forward-looking measures to the most comparable GAAP measures diluted EPS and Net income, respectively , due to unknown variables and uncertainty related to future results.

Please see Note on forward-looking statements above for further discussion. This news release is not a solicitation of proxies in connection with the transaction. However, under SEC rules, CP, KCS, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the transaction. These documents can be obtained free of charge from the sources indicated above. View source version on businesswire. Kansas City Southern Media C. Doniele Carlson Tel: dcarlson kcsouthern. Investment Community Ashley Thorne Tel: athorne kcsouthern. The Get Vaccinated portal went live in April and allowed different cohorts based on age to register to be vac. REGINA — Saskatchewan became the last province in Canada to bring in universal coverage for the abortion pill and two years later the province is finally paying doctors who provide it.

On Oct. Previously, only doctors who performed surgical abortions weredirectly compensated, but those who prescribed the pill had to bill it as counselling or a consultation, whic. A new survey released ahead of World Mental Health Day finds nearly 70 per cent of Canadians believe the country is facing a mental health pandemic. Brittany Rosen has more. In the original deal since amended , reported by Bloomberg, KCS investors were to receive 0. However, a counterproposal by rival Canadian National nearly won the day. It is expected to be completed in the next months. The Route Of The Southern Belle had always been a system surrounded by larger giants, even prior to the mega-merger movement during the classic era of the midth century.

At its peak KCS operated about a 6,mile network, including service into Mexico, while employing more than 6, During its many years of operation the KCS had rocky periods although in its final years was regarded as a profitable railroad with strong leadership. The Kansas City Southern's story is actually quite recent when compared to the railroad industry as a whole; the road's immediate ancestry began on January 8, with incorporation of the Kansas City Suburban Belt Railroad, promoted by Arthur Stilwell. The terminal line served the local Kansas City region, connecting Argentine with nearby Independence via the downtown area.

In all, the KCSB utilized 40 miles of track serving packing houses, grain elevators, stockyards, and various other industries. At first, this system had no actual ties to the Stilwell's operations. It had originally been chartered on June 18, , intended as a logging operation that opened 10 miles from Texarkana north to the Red River. Official System Map. Official Employee Timetable. Steam Locomotive Roster Information.

Current Diesel Locomotive Roster. Additional Locomotive Information. Official KCS Website. While the KCS was never a big player in the passenger market, like several other roads it did have a few notable trains such as the Southern Belle streamliner which operated between Kansas City and New Orleans. Adorned in an eye-catching Brunswick Green which appears almost black , yellow, and red the train operated between and late until hard times and a weakening passenger market forced its cancellation. The system's purpose was two-fold; to give farmers a means of exporting their goods as well as handle imported products. Unfortunately, this plan was never successful although not before Stilwell had completed his vision.

Undaunted, Stilwell looked anywhere for possible monetary backing to complete his project. With new capital in hand, Stilwell opened coastal facilities on the Gulf at a location he named for himself, Port Arthur, Texas while "Last Spike" ceremonies were held at Beaumont on September 11, The receivership forced Stilwell out and his involvement with the company ended. As previously mentioned, his railroad's dream was not particularly successful as, even after reorganization, it struggled to earn a profit. There was little in the way of consistent, high-volume traffic which forced the KCS to rely upon local agriculture, grain, and less-than-carload freight for most of its income. In addition, passenger traffic was thin.

As it turns out, fate had a bright future for the company when its savior came in the way of "black gold," oil. As it turns out the railroad's main line was situated right next to a discovery made near Beaumont, Texas. Within a few years nearly half the group had given up but in a determined Anthony Lucas signed a lease with the remaining partners, believing strongly that oil was located in the Gulf Coast's salt domes. After considerable expense and effort Lucas and Hamills finally hit pay dirt. The THSA notes that on January 10, , at a depth of 1, feet, a huge geyser of oil, feet high, spilled from their well listed as "Lucas 9" located in eastern Jefferson County, south of Beaumont. The area became known as the Spindletop Oil Field, producing tens of thousands of barrels every day.

The natural resource could not have been found at a better time as the KCS was likely headed towards another bankruptcy. Thanks to the many uses of oil the railroad not only moved raw black gold but also gasoline and various other petrochemicals as the energy industry sprang up along the Gulf. With a newfound source of revenue, and new leadership under Leonore Fresnel Loree , the KCS looked towards expansion during the 20th century. While it took many years to see the fruits of this labor fulfilled, by the late s the KCS had acquired new markets in Dallas and New Orleans. Louis Southwestern Cotton Belt railroads. However, the Interstate Commerce Commission forced it to divest of these holdings during the s. By , the KCS owned a network of miles and had it forever remained this size would likely be only a Class II, "regional," today.

For roughly the first half of the 20th century the KCS prospered, earning considerable profits for a system its size. This was in large part due to the efforts of William Deramus who spent millions in upgrades through the s by laying new ties, improving signaling for faster and more efficient operations Centralized Traffic Control in , completing dieselizing by , opening the large Deramus Yard at Shreveport in , and operating long freights of cars or more. After the nation's severe recession also referred to as the Eisenhower Recession , the KCS experienced a slow and worsening decline. It had purchased new locomotives beginning in the mids to improve operations and handle the heavier freight trains of the era; notably SD40's, SD's, GP30's, and GP's road-switchers which replaced older models like the F3 and F7 cab units.

The road struggled financially and was reorganized as the Ft. It continued to falter into the Great Depression and finally shutdown on February 9, after which time the KCS took over the above-mentioned segment. On March 21, it opened between Hot Springs and Texarkana, Arkansas via Ashdown comprising a system of some miles. Unfortunately, it fell into bankruptcy a few years later and segments were sold off. It was one of the many, unincorporated and privately owned little railroads that could so often be found with such operations then. The first segment opened between Shreveport and Coushatta, Louisiana on October 1, and reached as far south as Mansura by September of The line to Dallas became a very important component of the KCS system and still witnesses considerable use today.

However, it began a program of deferred maintenance in the s to offset the slow period, which produced a better bottom line. Unfortunately, such tactics are only "successful" for short periods and can have long-lasting, very negative, effects if carried out over many years. This turned out to be the case for KCS; with top management too focused on other things the railroad's physical plant slipped into a decaying state of repair and it all came to head in late With worn out ties and the road's infrastructure unable to bear the weight of multi-ton trains, derailments occurred one after another.

If it were not for record volumes of traffic the railroad could have faced a fatal problem, similar to its northern neighbor the Rock Island. While deferred maintenance offers short term relief for a railroad's bottom line in the long term it can cost substantially more to alleviate as the KCS found out. Under the direction of new president Thomas S.

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