CANADIAN Pacific Railway Limited announced that its shareholders have voted overwhelmingly in favour of the issuance of cp common shares to Kansas City Southern ('KCS') common stockholders in connection with the proposed CP-KCS combination.
'The shareholder approvals today are a key step on our path to this once-in-a-lifetime partnership to create the first US-Mexico-Canada rail network,' said Keith Creel, CP president and CEO. 'This is a transformative opportunity for CP, for KCS, and for the North American economy.'
CP shareholders voted on two items of business at a recent special meeting of shareholders.
The results showed that 99.91 per cent of the shareholders voted in favour of the ordinary resolution to approve the issuance of up to 277,960,197 CP common shares as the share consideration under the terms of the merger agreement.
The second resolution seeking to change its name to Canadian Pacific Kansas City Limited was backed by 99.83 per cent of the shareholders.
'The overwhelming support our shareholders have given today to the transaction is critical to making this combination a reality,' Mr Creel.
CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately US$31 billion, which includes the assumption of $3.8 billion of outstanding KCS debt.
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'The shareholder approvals today are a key step on our path to this once-in-a-lifetime partnership to create the first US-Mexico-Canada rail network,' said Keith Creel, CP president and CEO. 'This is a transformative opportunity for CP, for KCS, and for the North American economy.'
CP shareholders voted on two items of business at a recent special meeting of shareholders.
The results showed that 99.91 per cent of the shareholders voted in favour of the ordinary resolution to approve the issuance of up to 277,960,197 CP common shares as the share consideration under the terms of the merger agreement.
The second resolution seeking to change its name to Canadian Pacific Kansas City Limited was backed by 99.83 per cent of the shareholders.
'The overwhelming support our shareholders have given today to the transaction is critical to making this combination a reality,' Mr Creel.
CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately US$31 billion, which includes the assumption of $3.8 billion of outstanding KCS debt.
SeaNews Turkey