Deals
Century-Old Rail Rivalry Flares Up Over a $30 Billion Prize
- Canada’s dominant railways fight over Kansas City Southern
- Ackman’s involvement at CP let to battles over people, clients
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Canadian National Railway Co.’s bid to wrest Kansas City Southern away from Canadian Pacific Railway Ltd. is rekindling a century-old rivalry and pitting former colleagues against each other.
The $30 billion takeover fight sees Canadian National Chief Executive Officer Jean-Jacques Ruest attempting to grab a prize long sought by Canadian Pacific CEO Keith Creel, who once served alongside him as Canadian National’s chief operating officer. It’s one of the biggest railway deals of the past two decades, with the winner gaining control of a sprawling network that crosses the three countries in North America’s trade alliance.