KSU - Canadian Pacific gets Mexican approval for Kansas City Southern deal

Canadian Pacific Railway (NYSE:CP) received Mexican antitrust approval for its planned purchase of Kansas City Southern (NYSE:KSU), the last regulatory hurdle for the transaction. The Mexican Federal Economic Competition Commission (“COFECE”) and the Mexican Federal Telecommunications Institute (“IFT") approved the deal, according to a statement. The combination still requires shareholder approval from Canadian Pacific (CP) and KSU holders, votes that are scheduled for  Dec. 8 and 10, respectively. The deal is expected to close on Dec. 14 pending the shareholder approval. Canadian Pacific (CP) won a bidding war with rival Canadian National Railway (NYSE:CNI) for KSU after the U.S. Surface Transportation Board denied Canadian National's bid to use a voting trust for a deal. Canadian Pacific's (CP) ultimate acquisition of control of KCS's U.S. railways is subject to the approval of the STB. The STB review of CP's proposed control of KCS is expected to be completed in the fourth quarter. Earlier this week, U.S. railroad regulator accepts

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Canadian Pacific gets Mexican approval for Kansas City Southern deal