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Kansas City Southern plans to accept Canadian Pacific's $27 billion bid

(Reuters) -Kansas City Southern said on Sunday it planned to accept Canadian Pacific (NYSE:CP) Railway Ltd's $27.2 billion cash-and-stock acquisition offer as superior to its...
Kansas City Southern plans to accept Canadian Pacific's $27 billion bid © Reuters. FILE PHOTO: A wagon of a freight train of the Kansas City Southern (KCS) Railway Company is pictured in Toluca, Mexico October 1, 2018. REUTERS/Edgard Garrido/File Photo

(Reuters) -Kansas City Southern said on Sunday it planned to accept Canadian Pacific (NYSE:CP) Railway Ltd's $27.2 billion cash-and-stock acquisition offer as superior to its $29.6 billion deal to sell itself to Canadian National Railway (TSX:CNR) Ltd.

Canadian National now has until the end of Friday to submit a better offer or lose its deal with Kansas City Southern (NYSE:KSU). At stake is the creation of the first direct railway linking Canada, the United States and Mexico.

Kansas City Southern's change of heart came after the U.S. Surface Transportation Board (STB) rejected a temporary "voting trust" structure last month that would have allowed Kansas City Southern shareholders to receive the $325-per-share cash-and-stock consideration under the deal with Canadian National without having to wait for full regulatory approval.

Canadian Pacific has had its proposed voting trust cleared by the STB. The regulatory certainty this provided convinced Kansas City Southern's board to switch to a deal with Canadian Pacific, even though its offer was lower than Canadian National's, according to people familiar with the deliberations.

There is a silver lining for Kansas City Southern. The Canadian Pacific offer it now plans to accept, worth $300 per share in cash and stock, is better than the $275 per share cash-and-stock deal that the two companies had clinched in March, before Canadian National gatecrashed it and entered into an agreement with Kansas City Southern in May.

Were Canadian National to lose out to Canadian Pacific, it would receive from Kansas City Southern a $700 million break-up fee and would be reimbursed for another $700 million it paid Kansas City Southern to pass on to Canadian Pacific as a break-up fee for terminating their March deal. Canadian Pacific has said it will cover the cost of this $1.4 billion that Kansas City Southern would owe Canadian National.

Canadian National has also faced pressure from some of its investors, including hedge fund TCI Management Ltd, to abandon its pursuit of Kansas City Southern.

Canadian National did not immediately respond to a request for comment on its next steps.

The STB said last month that even though the overlap of Canadian National's and Kansas City Southern's networks was confined to 70 miles (113 km) between Baton Rouge and New Orleans, the two railways operated parallel lines in the central portion of the United States and could be under less pressure to compete if the voting trust for that deal was approved. It added that it was not making a final determination on whether the competitive issues that the deal faced could be resolved under a full regulatory review.

U.S. President Joe Biden has issued sweeping executive orders aimed at promoting competition in the U.S. economy. One order encouraged the STB to consider Amtrak's statutory rights when assessing whether a rail merger is in the public interest.

Passenger railroad Amtrak, majority owned by the U.S. government, had opposed the Canadian National's voting trust, saying its pledge to divest the Baton Rouge to New Orleans line will harm future passenger service in Louisiana.

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28-09-2021 06:04:14 (UTC+7)

EUR/USD

1.1695

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (6)

EUR/USD

1.1695

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (6)

GBP/USD

1.3702

+0.0008 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (0)

USD/JPY

110.99

-0.01 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (4)

AUD/USD

0.7286

0.0001 (0.00%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (1)

USD/CAD

1.2627

0.0000 (0.00%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (3)

EUR/JPY

129.81

+0.03 (+0.02%)

Summary

↑ Sell

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Sell (12)

Indicators:

Buy (1)

Sell (6)

EUR/CHF

1.0827

+0.0004 (+0.04%)

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↑ Sell

Moving Avg:

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Sell (8)

Indicators:

Buy (1)

Sell (6)

Gold Futures

1,751.00

+1.15 (+0.07%)

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Neutral

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Sell (4)

Indicators:

Buy (3)

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Silver Futures

22.650

+0.013 (+0.06%)

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↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

Copper Futures

4.2787

-0.0010 (-0.02%)

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↑ Buy

Moving Avg:

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Indicators:

Buy (8)

Sell (1)

Crude Oil WTI Futures

75.34

-0.07 (-0.09%)

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Brent Oil Futures

78.62

+0.01 (+0.01%)

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↑ Buy

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Buy (4)

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Natural Gas Futures

5.912

+0.052 (+0.89%)

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US Coffee C Futures

194.98

+0.63 (+0.32%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

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Euro Stoxx 50

4,165.48

+6.97 (+0.17%)

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Buy (0)

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Sell (9)

S&P 500

4,443.11

-12.37 (-0.28%)

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↑ Sell

Moving Avg:

Buy (3)

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DAX

15,573.88

+42.13 (+0.27%)

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FTSE 100

7,063.40

+11.92 (+0.17%)

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Buy (1)

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Hang Seng

24,208.78

+16.62 (+0.07%)

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↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,281.79

+33.71 (+1.50%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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IBEX 35

9,002.90

+129.80 (+1.46%)

Summary

Buy

Moving Avg:

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Sell (5)

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BASF SE NA O.N.

64.740

+1.040 (+1.63%)

Summary

↑ Sell

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Bayer AG NA

47.47

+0.99 (+2.13%)

Summary

↑ Buy

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Buy (12)

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Allianz SE VNA O.N.

196.19

+3.85 (+2.00%)

Summary

↑ Buy

Moving Avg:

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Buy (6)

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Adidas AG

278.80

-2.77 (-0.98%)

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Deutsche Lufthansa AG

6.561

+0.328 (+5.26%)

Summary

↑ Buy

Moving Avg:

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Siemens AG Class N

147.27

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Deutsche Bank AG

11.120

+0.285 (+2.63%)

Summary

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Indicators:

Buy (5)

Sell (3)

 EUR/USD1.1695↑ Sell
 GBP/USD1.3702↑ Buy
 USD/JPY110.99↑ Sell
 AUD/USD0.7286Neutral
 USD/CAD1.2627Buy
 EUR/JPY129.81↑ Sell
 EUR/CHF1.0827↑ Sell
 Gold1,751.00Neutral
 Silver22.650↑ Buy
 Copper4.2787↑ Buy
 Crude Oil WTI75.34↑ Sell
 Brent Oil78.62↑ Buy
 Natural Gas5.912Neutral
 US Coffee C194.98↑ Buy
 Euro Stoxx 504,165.48↑ Sell
 S&P 5004,443.11↑ Sell
 DAX15,573.88↑ Sell
 FTSE 1007,063.40↑ Sell
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,281.79↑ Sell
 IBEX 359,002.90Buy
 BASF64.740↑ Sell
 Bayer47.47↑ Buy
 Allianz196.19↑ Buy
 Adidas278.80↑ Sell
 Lufthansa6.561↑ Buy
 Siemens AG147.27↑ Sell
 Deutsche Bank AG11.120↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(0/ 0) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 28-09-2021 06:04:17
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ↀ Giá vàng thế giới
$1,751.42+1.930.11%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
DO 0,001S-V1693017260
Dầu hỏa1564015950
ↂ Giá dầu thô thế giới
WTI$75.18-0.49-0.66%
Brent$78.60-0.59-0.76%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 05:57:45 28/09/2021
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