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Canadian National offers more than $30 billion for Kansas City Southern

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Kansas City Southern freight train

Source: Kansas City Southern

Canadian National Railway said it had offered $33.7 billion for railroad operator Kansas City Southern, trumping last month’s offer from rival Canadian Pacific and sending the U.S. railroad operator’s shares up 21%.

Canadian National’s offer of $325 per share represents a premium of 26.8% to Kansas City Southern’s last close on Monday.

CN’s offer includes $200 a share in cash and 1.059 Canadian National shares.

Last month, Canadian Pacific agreed to acquire Kansas City in a $25 billion cash-and-stock deal to create the first railway spanning the United States, Mexico and Canada, standing to benefit from a pick-up in trade.

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