Soaring Commodities Give CN a Boost as It Awaits Kansas City Takeover Ruling

Bloomberg2021-07-21

(Bloomberg) -- Canadian National Railway Co. is cashing in on a commodities boom that’s fueling demand for exports from Canada. Strong orders for goods such as metals, lumber and oil gave Canada’s ...

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Comments

Dkkindacool
2021-07-21
Dkkindacool
Good read for Wednesday
Shishir
2021-07-21
Shishir
Good
IC2
2021-07-21
IC2
Like and comment
- ATJS:
  done
RKYN
2021-07-21
RKYN
Wow
AlanLai
2021-07-21
AlanLai
Fantastic news
KoalaSW
2021-07-21
KoalaSW
Like and comment
- NoHurry:
  Done
- Shishir:
  done

Leave a comment

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That helped the Montreal-based company post profit that was almost double that of a year ago, when the Covid-19 pandemic took hold.\nThe positive earnings report came as the company pursues a takeover of Kansas City Southern. It’s awaiting a decision by the Surface Transportation Board that will determine whether it can proceed with a deal.\n“We should know in a couple of weeks, sometime in late July or early August, when the STB has had the time to reflect on all the things that we have filed,” Jean-Jacques Ruest, Canadian National’s chief executive officer, told analysts on a conference call Tuesday.\n“We’re very confident that we have a very solid case. We are meeting the test of the voting trust and we are creating, definitely, a new competition, a new public benefit.”\nKey Takeaways\nCanadian National saw its biggest jump in freight revenue from automotive, which almost doubled, followed by intermodal, metals and minerals, petroleum and chemicals, and coal in the quarter. 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