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CP honors most productive grain elevators of the year

Rail News Home Canadian Pacific 11/4/2021 Rail News: Canadian Pacific
image CP awarded G3 Pasqua (shown) and CHS Northland Grain Hazel with the Class I's 2020-2021 Elevators of the Year award. Photo – g3.ca

Canadian Pacific has recognized G3 Pasqua and CHS Northland Grain Hazel (U.S.) with its 2020-2021 Elevators of the Year award.

The annual award goes to grain elevators that achieve high volumes from a single loading point while consistently demonstrating efficient rail-car loading and a strong commitment to safety, CP officials said in a press release.

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Canadian Pacific sets shareholder meeting for KCS merger vote

Rail News Home Canadian Pacific 11/4/2021 Rail News: Canadian Pacific
image Canadian Pacific has scheduled a Dec. 8 special meeting for its shareholders to vote on its proposed acquisition of Kansas City Southern. The meeting will be held virtually and is open to all shareholders who held CP common stock as of the close of business Nov. 1. As announced on Sept. 15, CP has agreed to acquire KCS in a cash and stock transaction worth $31 billion, including the assumption of $3.8 billion in outstanding KCS debt. KCS has been valued at $300 per share. The Surface Transportation Board on Sept. 30 approved the use of a voting trust for the transaction. Shareholders from both companies have to approve the combination. At the closing, KCS shareholders will receive 2.884 CP shares and $90 in cash for each KCS common share held, and KCS’s voting shares will be placed into trust. The companies expect the transaction to close by first-quarter 2022, CP officials said in a press release.

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CP wins grant to expand hydrogen locomotive program

Rail News Home Canadian Pacific 11/2/2021 Rail News: Canadian Pacific
image CP announced in December 2020 it would design and build North America's first line-haul hydrogen-powered locomotive using fuel cells and batteries to power the locomotive's electric traction motors. Photo – cpr.ca

Canadian Pacific has received a $15 million grant from Emissions Reduction Alberta Program (ERA), which the Class I will use to expand the scope of its hydrogen locomotive program.

The grant enables CP to increase the number of hydrogen locomotive conversions in the project from one to three and add hydrogen production and fueling facilities. The program will create a global center of excellence in hydrogen and freight rail systems in Alberta, CP officials said in a press release.

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CP releases 2020 sustainability report

Rail News Home Canadian Pacific 10/29/2021 Rail News: Canadian Pacific
image The report documents CP's sustainability efforts in 2020. Photo – cpr.ca

Canadian Pacific yesterday published its 2020 corporate sustainability report on progress made in three areas of focus: operating safety, maintaining operational excellence and managing its social impact.

The report includes the following:
• In 2020, CP invested $1.67 billion to further enhance network capacity and improve performance and safety.
• CP continued to invest in emissions reductions. For example, the railroad completed the installation of a 5-megawatt solar energy farm at its Calgary headquarters and announced a hydrogen locomotive program to create North America's first line-haul hydrogen locomotive prototype.
• CP established three diversity councils focused on the topics of racial, gender (including 2SLGBTQ+) and indigenous diversity.

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Canadian Pacific reports Q3 revenue increase, profit decrease

Canadian Pacific today reported third-quarter 2021 revenue rose 4% to CA$1.94 billion and net income fell 21% to CA$472 million compared with the same period a year ago.

The company posted diluted earnings per share (EPS) of 70 cents, down 20%, and adjusted diluted EPS of 88 cents, up 7%.

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CP recognizes 51 shippers for hazmat safety practices

Rail News Home Canadian Pacific 10/14/2021 Rail News: Canadian Pacific
image Canadian Pacific yesterday recognized 51 shippers with its annual Safe Shipper Award for safely transporting hazardous materials by rail in 2020. Companies receiving the Safe Shipper Award transported at least 500 carloads of hazardous materials (non-intermodal) in 2020 with zero non-accidental release (NAR) incidents, CP officials said in a press release. A hazardous materials NAR is the unintentional release of a hazardous material while in railroad possession that is not caused by a derailment, collision or other rail-related accident. "CP's customers play a critical role in safely shipping essential products on our rail network. Encouraging and rewarding safe behavior across every aspect of our business helps to protect our employees and our communities," said Colby Bullard, CP's vice president of marketing and sales, energy, merchandise, intermodal and automotive. Visit cpr.ca to view the 2020 winners of CP's Safe Shipper Award.   

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CP's Holiday Train to remain virtual this year

Rail News Home Canadian Pacific 10/11/2021 Rail News: Canadian Pacific
image This year's Holiday Train will once again be virtual. Photo – cpr.ca

Canadian Pacific will host a virtual concert and donate to local food banks in communities across its network during its Holiday Train program's 23rd year. 

Although this year's Holiday Train will again be virtual, the program will continue to highlight and support food banks, CP officials said in a news release.

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CP submits winter plan to Canadian government

Rail News Home Canadian Pacific 10/6/2021 Rail News: Canadian Pacific
image The report details CP’s plans to operate safely and efficiently when it encounters winter weather conditions during the upcoming 2021–2022 season. Photo – cpr.ca

Canadian Pacific has submitted its 2021–2022 Winter Contingency Plan Report to the Canadian government as required by the Canada Transportation Act.

The report details CP’s plans to operate safely and efficiently when it encounters winter weather conditions during the upcoming 2021–2022 season.

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UPDATE: CP ready to restart merger talks with KCS

Rail News Home Canadian Pacific 9/5/2021 Rail News: Canadian Pacific
image Canadian Pacific is ready to reengage with Kansas City Southern's board following its determination that CP's revised offer can reasonably be expected to lead to a “company superior proposal,” CP officials said yesterday in a press release. "We look forward to re-engaging with the KCS Board of Directors to advance this unique and achievable Class I combination that provides compelling short- and long-term value," said CP President and Chief Executive Officer Keith Creel. Yesterday, KCS announced that its board unanimously determined that the unsolicited proposal received from CP on Aug. 31 to acquire KCS in a cash and stock transaction valued by CP at $300 per KCS share could reasonably be expected to lead to a company superior proposal as defined in KCS's merger agreement with CN. CP last week week reaffirmed its offer originally submitted Aug. 10 and resubmitted Aug. 31 to combine with KCS. CP believes it ought to be deemed a superior proposal and has placed a deadline of Sept. 12 on that offer. The proposed transaction values KCS at $300 per share, representing a 34% premium, based on the CP closing price on Aug. 9 and KCS unaffected closing price on March 19. Following the closing into a voting trust, common shareholders of KCS will receive 2.884 CP common shares and $90 in cash for each share of KCS common stock held. The proposed transaction includes the assumption of $3.8 billion of outstanding KCS debt, CP officials said. On Aug. 31, the Surface Transportation Board unanimously rejected CN and KCS's joint motion for approval for use of a voting trust. That clearly shows that the CN-KCS merger proposal is illusory and not achievable, CP officials said. KCS remains bound by the terms of the CN merger agreement, and KCS's board has not determined that CP's proposal in fact constitutes a company superior proposal. In addition, KCS noted yesterday that there can be no assurance that the discussions with CP will result in a transaction. As previously announced on May 21, KCS entered into a merger agreement with CN, pursuant to which CN agreed to acquire KCS in a stock and cash transaction valued at $325 per KCS share based on the CN and KCS closing prices on May 12.

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CP sweetens offer to acquire KCS

Canadian Pacific has upped the ante in its competing attempt to acquire Kansas City Southern by issuing a new offer it’s characterizing as superior, achievable, pro-competitive and strategic.

In a letter sent to KCS’ board, CP President and Chief Executive Officer Keith Creel describes the Class I’s new offer, which is a stock and cash transaction representing an enterprise value of about $31 billion. The offer values KCS at $300 per share, representing a 34% premium based on the CP stock closing price on Aug. 9 and KCS unaffected stock closing price on March 19, 2021.

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CP proxy statement asks KCS shareholders to vote against CN-KCS deal

Rail News Home Canadian Pacific 7/30/2021 Rail News: Canadian Pacific
image Canadian Pacific yesterday announced it filed a proxy statement asking Kansas City Southern shareholders to vote against the proposed CN-KCS combination at KCS' special meeting of stockholders scheduled on Aug. 19. CP is asking stockholders to vote against the proposed combination so that CN's proposed acquisition can be decided at a later date, when more information will be available to KCS stockholders. "CP has always said it wanted to do a friendly deal with KCS and that remains true," said CP President and Chief Executive Officer Keith Creel in a press release. "CP would have preferred not to appeal directly to KCS's stockholders, but given the impending vote on CN's proposal, we believe we have no choice. What we are doing here is simply contesting the vote on the CN-KCS proposal because a 'yes' vote now would lock KCS stockholders in until February 2022, instead of their being free to consider other, better, options.” CP wants to ensure that KCS stockholders are aware that a vote “without the benefit of an STB decision on the CN voting trust proposal and without a chance to consider other proposals until the spring of next year, would not be in their best interests," Creel added. CP maintains that its proposed merger with KCS “remains the only viable Class I combination,” according to the release. The STB has already approved CP’s use of a voting trust and affirmed KCS's waiver form the new rail merger rules it adopted in 2001 "because a CP-KCS combination is truly end-to-end, pro-competitive, and the only viable Class I combination," they said.

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CP unveils climate strategy to reduce emissions

Rail News Home Canadian Pacific 7/26/2021 Rail News: Canadian Pacific
image Canadian Pacific today released its first comprehensive Climate Strategy, which charts a path to reduce greenhouse gas emissions, adapt operations to the physical risks of climate change and further position the Class I as a leader in the transportation sector's transition to a low-carbon future. Building on CP's Climate Change Commitment announced last year, the Climate Strategy outlines the company's approach to drive innovative climate action and a measured response to emerging climate-related risks impacting the rail sector, CP officials said in a press release. The Climate Strategy outlines CP's objectives across five strategic pillars: establishing a clear understanding of climate-related risk and opportunities; reducing the company's carbon footprint; adapting operations to the physical risks of climate change; integrating climate factors across the business; and engaging with stakeholders on climate action. To guide implementation of the Climate Strategy, CP has established two science-based emissions reduction targets that address 100 percent of CP's Scope 1 and Scope 2 emissions, and more than half of Scope 3 emissions. CP commits to reducing Scope 1, 2 and 3 GHG emissions intensity of its locomotives by more than 38% by 2030. Locomotive operations represent CP's largest source of emissions. To support decarbonization across all operations, CP also commits to reducing absolute Scope 1 and Scope 2 GHG emissions from non-locomotive operations by in excess of 27% by 2030. "CP's Climate Strategy is ambitious, which we feel appropriately reflects the urgency of the fight against climate change. We look forward to collaborating with government, industry and research partners to create and test the new solutions required to achieve our targets," said CP President and Chief Executive Officer Keith Creel. CP's Climate Strategy, and supporting science-based emissions reduction targets, have been developed in alignment with the goals of the Paris Agreement and the Pan-Canadian Framework on Clean Growth and Climate Change, which seek to limit global temperature increases to well below 2°C.

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CP: Speculation over Lytton fire's cause is 'irresponsible'

Rail News Home Canadian Pacific 7/19/2021 Rail News: Canadian Pacific
image Canadian Pacific officials say that speculation over whether train operations sparked a wildfire that destroyed the British Columbia village of Lytton late last month is "irresponsible and misleading." CP issued a statement in response to the Transportation Safety Board (TSB) of Canada's investigation into whether rail operations are responsible triggered a wildfire that destroyed the village of Lytton in British Columbia. On June 30, smoke was spotted on the nearby hills around the pedestrian bridge which parallels the CN bridge at Lytton. Due to the high winds and dry conditions in the area, a fire, which had ignited, quickly spread to the Lytton, destroying many buildings and homes. Two fatalities were reported. TSB deployed an investigation team on July 9 to gather information and assess. In a statement given to the Canadian press, TSB Chair Kathy Fox said that a full TSB report on any train-related cause or contributing factors in connection to the Lytton fire could take up to two years. Additionally, Fox is reported to have stated that it "is certainly a wake-up call to really look at what precautions need to be taken by railway companies," CP officials noted in their statement. In light of the early stage of this TSB investigation, CP officials believe "it is irresponsible and misleading to imply that railways are to blame for the fire," according to CP’s statement. "A review of the key facts confirms that railways are not a significant cause of wildfires in B.C., contrary to media and government speculation,” CP officials said. “The vast majority of wildfires are caused by nature when environmental conditions are extremely hot and dry, like those recently experienced in B.C.” To read CP's statement in its entirety, click here.

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CP pledges funds to support wildfire recovery efforts in Lytton

Rail News Home Canadian Pacific 7/8/2021 Rail News: Canadian Pacific
image Canadian Pacific has pledged CA$1 million to support wildfire recovery efforts in Lytton, British Columbia. In addition to making monetary donations, CP has offered to work directly with the village of Lytton, Lytton First Nation, Thompson-Nicola Regional District and other agencies to provide resources and logistics support in the development of temporary housing for families that have been displaced, CP officials said in a news release. CP has been matching employee donations made to the Canadian Red Cross in support of disaster relief in the area, and encourages employees in Canada and the United States to continue donating to help residents. "Our thoughts are with all those affected by this devastating fire, including the CP employees who lost their homes," said Keith Creel, CP president and chief executive officer. "So many lives have been impacted. We hope that this support will help the community and the team of responders as they begin to recover and rebuild." A village of a population of about 250 people, Lytton went up in flames last week during extremely hot and dry conditions across the province. About 90% of the village was burned in the fire and two people died, according to media reports. Investigations into what sparked the fire are ongoing.

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CP: Grain shippers concerned about CN-KCS deal

Rail News Home Canadian Pacific 6/24/2021 Rail News: Canadian Pacific
image Canadian Pacific announced today that shippers of grain and other agricultural products across North Dakota, South Dakota and Minnesota have submitted letters to the Surface Transportation Board (STB) opposing CN's and Kansas City Southern's combination, its use of a voting trust, or both. The letters describe how a potential CN-KCS combination and its proposed use of a voting trust would see reduced options for agricultural shippers in the Upper Midwest leaving them fewer direct competitive options, and eliminating the new network of shipping options a CP-KCS combination would create, CP officials said in a press release. Meanwhile, CN and KCS announced that their proposed voting trust as part of their merger proposal now before the Surface Transportation Board has been endorsed by two major labor unions: the International Brotherhood of Boilermakers and the Sheet Metal, Air, Rail and Transportation Workers (SMART) Transportation Division. The letters from all parties are available for review on the STB website.

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CP to serve Richardson’s new grain elevator in Saskatchewan

Rail News Home Canadian Pacific 6/17/2021 Rail News: Canadian Pacific
image The project is expected to be completed by fall 2022. Photo – Richardson International/Facebook

Richardson Pioneer Ltd. this week announced construction has begun on a new high throughput grain elevator in Carmichael, Saskatchewan.

The project is expected to be completed by fall 2022. Canadian Pacific will serve the new elevator, which will feature 46,000 metric tons of storage capacity with a loop-rack rail design capable of loading 175 high-cube rail cars, Richardson officials said in a press release.

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CP asks public to speak out against CN-KCS deal

Rail News Home Canadian Pacific 6/14/2021 Rail News: Canadian Pacific
image CP is continuing to make a public case for its proposal to merge with KCS. Photo – cpr.ca

In a June 10 advertisement in The Washington Post and in a statement posted on its website, Canadian Pacific reiterated its stance that its proposed merger with Kansas City Southern is the "only viable" combination that would benefit Class I service, freight-rail competition and the environment.

CP is continuing to make a public case for its proposal to merge with KCS, which initially agreed to combine with CP but then pulled out of the pact to pursue a merger agreement with CN. 

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Merger update: CP touts opposition to CN's use of voting trust

Rail News Home Canadian Pacific 6/1/2021 Rail News: Canadian Pacific
image Canadian Pacific today announced that more than 130 stakeholders have filed statements with the Surface Transportation Board (STB) asking it to reject CN's proposed use of a voting trust. This brings the total letters submitted to more than 960, including 250-plus expressing concern about CN and Kansas City Southern's combination, its use of a voting trust, or both, and more than 730 in support of CP-KCS, CP officials said in a press release. The opposition letters — which came from shippers, ports, local governments, transportation associations and other stakeholders — highlight the "extensive risks" the proposed CN-KCS voting trust poses to competition by reducing shipper options, CP officials said. Stakeholders also expressed concerns over the likelihood of reduced service quality and infrastructure investments as a result of the proposed CN transaction, they added. The concerns echo those of the U.S. Department of Justice, which on May 14 filed comments with the STB objecting to CN's proposed use of a voting trust on the grounds that a CN merger with KCS would pose greater risks to competition than the CP-KCS agreement, according to CP.

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CP, Canadian government forge pact on Lac-Megantic bypass

Rail News Home Canadian Pacific 5/28/2021 Rail News: Canadian Pacific
image The Canadian government has reached an agreement with Canadian Pacific concerning the Lac-Megantic rail bypass. In collaboration with CP, the government has established an accelerated schedule that will enable the project to be completed in 2023. Work is expected to begin in spring 2022. The agreement is an important step toward obtaining the necessary plans, specifications and regulatory authorization to complete the project, government officials said in a press release. The pact includes several studies to be completed in the coming weeks on soil, water and fish habitat quality, and on ambient noise levels. “Transport Canada is committed to keeping property owners informed and minimizing the impact of the work while the studies are completed,” government officials said. The final right-of-way plan has been completed and negotiations to acquire the land now will begin with affected property owners. The 8-mile bypass will be built in response to the July 2013 Lac-Megantic rail disaster, in which an unattended crude-oil train — which had been parked in Nantes at the top of a slope — rolled down a hill before derailing at a high rate of speed in the city’s downtown area. The derailment led to an explosion and fire that killed 47 people and destroyed lots of property.

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CP calls on KCS board to reject CN's merger proposal

Rail News Home Canadian Pacific 5/20/2021 Rail News: Canadian Pacific
image Canadian Pacific today sent a letter to Kansas City Southern's board calling on members to reject CN’s proposal in light of intervening events and reaffirming its commitment to the pro-competitive CP-KCS combination under the preexisting merger agreement. Written by CP President and Chief Executive Officer Keith Creel, the letter emphasizes CP’s stance that CN's merger proposal "is illusory and simply an attempt to dismantle the unique, pro-competitive deal that CP and KCS" agreed to in late March. "While we respectfully disagreed with the KCS board's decision last week to deem the revised CN proposal a company superior proposal, we could understand how the KCS board might come to that decision given its fiduciary duties. Nevertheless, we have remained confident that the Surface Transportation Board (STB) would ultimately reject CN's proposal to use a voting trust, given that allowing CN to close into trust would not be in the public interest," Creel wrote. Creel also noted that after KCS received the revised CN proposal, a number of things occurred that should lead the KCS board to conclude that CN’s proposal is not "superior" as defined in the CP-KCS merger agreement. Those occurrences were the U.S. Department of Justice’s stated concerns about a CN-KCS merger and the STB's decision to apply more stringent merger rules to CN’s proposal. "Respectfully, we feel it would be destructive to our mutual interests to engage in a bidding war in reaction to CN's illusory offer, particularly where our existing CP-KCS Merger Agreement provides KCS's shareholders with a significant premium," Creel wrote. To read Creel’s letter in full, click here.

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