North Dakota Congressional Delegation Submits Letter to STB Supporting Canadian Pacific Reunification with Kansas Metropolis Southern

Public remark interval on vote of confidence for CN-KCS merger challenge ends as we speak

CALGARY, AB, June 28, 2021 / CNW / – Canadian Pacific Railway Restricted (TSX: CP) (NYSE: CP) (“CP”) as we speak introduced that all the North Dakota congressional delegation, made up of U.S. senators John hoeven and Kevin Cramer be p. Kelly armstrong, submitted a letter to the Floor Transportation Board expressing help for a mixture of the Canadian Pacific Railway and Kansas Metropolis Southern.

The textual content of the letter ready by the delegation reads as follows:

Martin J. Oberman
President
Floor Transport Council
395 E Avenue, South West
Washington DC 20423

Expensive President Oberman:

We’re writing to specific our help for the proposed merger settlement between Kansas Metropolis Southern (KCS) and the Canadian Pacific Railway (CP). We imagine that such an association would serve the general public curiosity by opening up new markets for items produced within the states served by CP, together with North Dakota. Thanks to your consideration to this necessary matter.

Canadian Pacific Railway is one in all two suppliers of Class I rail freight in North Dakota, each of which provide full market entry for most of the from North Dakota commodity-driven financial system.

As a state wealthy in pure sources, together with agricultural merchandise, crude oil and extra, producers in our state rely upon the transportation of products to get their merchandise to market.

At present, shippers of North Dakota have direct entry to the ports of the Pacific Northwest, and due to this fact a big a part of Asia, because of rail transport offered by the Canadian Pacific and Burlington Northern Santa Fe (BNSF). A KCS / CP merger would create the primary Class I railway with a monitor in Canada, Mexico, and United States, opening up entry to new markets for producers in our State by Mexico, whereas offering a extra direct path to the markets of the Southern United States.

This in flip would enhance competitors and assist our agricultural producers proceed to offer the very best high quality and least expensive meals provide to the world, whereas additionally contributing to our nation’s vitality independence.

As well as, a KCS / CP merger would protect the competitiveness of the rail trade among the many restricted variety of Class I carriers working in the US. The truth is, the proposed merger would stay the smallest of the Class I railways, fostering competitors among the many area’s railways and making certain that the railways present environment friendly service and aggressive charges.

As soon as once more, thanks to your consideration to this necessary matter. Please don’t hesitate to contact our places of work when you want extra info or want to talk about this matter additional.

John hoeven
US Senator

Kevin Cramer
US Senator

Kelly armstrong
US Congressman

Public remark interval for CN Voting Belief
Now could be the time for stakeholders to voice considerations about whether or not CN ought to be capable of lock in its anti-competitive plan to purchase KCS by way of a voting belief. Stakeholders can voice their considerations on to the STB by submitting by midnight as we speak.

Thursday, PC advert as grain and different shippers throughout North Dakota, South Dakota and Minnesota submitted letters to the STB opposing the consolidation of CN and KCS, its use of a voting belief, or each.

Pursuant to the general public remark interval on CN’s proposed voting belief, CP plans to file feedback as we speak, explaining why the general public curiosity prices of CN’s proposed voting belief outweigh the prices. non-existent advantages. This public remark interval and subsequent STB deliberations will decide the course of competitors for US railways and North American commerce for the following 150 years.

Importantly, the STB has already authorised CP’s use of a voting belief and confirmed KCS’s waiver of the brand new rail merger guidelines it adopted in 2001 as a result of a CP-KCS mixture is really end-to-end, pro-competitive and the one viable Class 1 swimsuit.

As beforehand introduced, CP is continuous its KCS acquisition utility course of in order that the pro-competitive CP-KCS mixture might be reviewed by the STB and applied with out undue delay, within the occasion that KCS’s settlement with CN is terminated or that CN would in any other case be unable to accumulate management of KCS.

For extra info on the advantages of a CP-KCS mixture and the dangers {that a} CN-KCS transaction would pose to the rail trade and North America, go to FutureForFreight.com.

FORWARD-LOOKING STATEMENTS AND INFORMATION

This press launch consists of sure forward-looking statements and forward-looking info (collectively, FLI). FLI is often recognized by phrases corresponding to “anticipate”, “anticipate”, “challenge”, “estimate”, “forecast”, “plan”, “intend”, “goal”, “imagine” , “Possible” and related phrases suggesting future outcomes or statements concerning a prospect. All statements apart from statements of historic reality could also be FLI.

Whereas we imagine the FLI is cheap primarily based on the data accessible as we speak and the processes used to arrange it, these statements will not be ensures of future efficiency, and you might be cautioned in opposition to over reliance on FLI. By its nature, FLI includes quite a lot of assumptions, that are primarily based on elements which can be troublesome to foretell and which can contain recognized and unknown dangers and uncertainties and different elements which can trigger the outcomes to happen. precise, exercise ranges and accomplishments differ materially from these expressed or implied by these FLIs, together with, however not restricted to the next: modifications in enterprise methods and strategic alternatives; estimated future dividends; monetary energy and suppleness; debt and fairness market situations, together with the flexibility to entry capital markets on favorable phrases or under no circumstances; value of debt and fairness; potential variations within the worth of the CP share; the flexibility of the administration of CP, its subsidiaries and associates to ship on key priorities; normal social, financial, political, credit score and enterprise situations in North America and the world; dangers related to agricultural manufacturing corresponding to climate situations and bug populations; the supply and worth of vitality uncooked supplies; the results of competitors and worth pressures, together with competitors from different rail carriers, trucking firms and marine shippers in Canada and the US; North American and world financial progress; trade capability; modifications in market demand; modifications in commodity costs and demand for commodities; uncertainty surrounding the timing and volumes of cargo shipped through CP; inflation; geopolitical instability; modifications in legal guidelines, laws and authorities insurance policies, together with charge regulation; modifications in taxes and tax charges; potential will increase in upkeep and working prices; modifications in gasoline costs; interruption of gasoline provides; uncertainties in investigations, proceedings or different forms of claims and disputes; compliance with environmental laws; labor disputes; modifications in labor prices and labor difficulties; the dangers and liabilities arising from derailments; transport of harmful items; the schedule for the completion of capital and upkeep tasks; the adequacy of CP’s budgeted capital expenditures to attain CP’s marketing strategy; companies and infrastructure; the satisfaction by third events of their obligations to CP; forex and rate of interest fluctuations; alternate charge; the results of modifications in market situations and low cost charges on the monetary place of pension plans and investments; commerce restrictions or different modifications in worldwide commerce agreements; the results of present and future multinational commerce agreements on the extent of commerce between Canada and the US; local weather change and the market and regulatory responses to local weather change; deliberate commissioning dates; the success of hedging actions; operational efficiency and reliability; regulatory and legislative choices and actions; public opinion; varied occasions that might disrupt operations, together with extreme climate occasions, corresponding to droughts, floods, avalanches and earthquakes, and cybersecurity assaults, in addition to safety threats and authorities response to these right here, and technological modifications; acts of terrorism, warfare or different acts of violence or crime or threat of such actions; limits of insurance coverage protection; and the pandemic created by the COVID-19 epidemic and the ensuing results on CP’s enterprise, outcomes of operations, money move and / or monetary situation, in addition to the ensuing results on financial situations, the demand surroundings for logistical necessities and vitality costs, restrictions imposed by public well being authorities or governments, fiscal and financial coverage responses of governments and monetary establishments, and disruption of worldwide provide chains.

We warning that the above record of things isn’t exhaustive and is established as of the date hereof. Extra info on these and different assumptions, dangers and uncertainties might be present in reviews and paperwork filed by CP with securities regulators in Canada and the US. Reference needs to be made to “Threat Components” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations – Ahead-Wanting Statements” in CP’s annual and interim reviews on Kinds 10-Ok and 10-Q . Because of the interdependencies and interrelationship of those and different elements, the impression of any assumption, threat or uncertainty on FLI can’t be decided with certainty.

Besides to the extent required by legislation, we assume no obligation to publicly replace or revise any FLI, whether or not on account of new info, future occasions, or in any other case. All FLIs on this press launch are expressly certified of their entirety by these caveats.

ABOUT THE CANADIAN PACIFIC

The Canadian Pacific Railway (TSX: CP) (NYSE: CP) is a transcontinental railway in Canada and United States with direct connections to the primary ports on the west and east coasts. CP gives North American clients with aggressive rail service with entry to key markets world wide. CP grows with its clients, providing a spread of freight transportation companies, logistics options and provide chain experience. Go to www.cpr.ca to see the rail advantages of CP. CP-IR

SOURCE Canadian Pacific

For extra info: Contacts: Media, [email protected]; Funding group, Chris De Bruyn, Tel. : 403-319-3591, [email protected]

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