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CP Says STB Rejects CN Voting Trust Leaving KCS In Position To Choose CP As Right Partner

Canadian Pacific Railway Limited (CP,CP.TO) said that the Surface Transportation Board's or "STB" decision to refuse Canadian National or CN and Kansas City Southern's or "KCS" joint motion for voting trust approval is the right one for rail shippers, the freight rail industry and the North American economy.

"The STB decision clearly shows that the CN-KCS merger proposal is illusory and not achievable," said Keith Creel, CP President and CEO.

CP has notified the KCS Board of Directors that its August 10 offer still stands to bring this once-in-a lifetime partnership together.

As previously announced, CP said it continues to pursue its application process for a potential acquisition of KCS so that the STB can review the pro-competitive CP-KCS combination without undue delay.

CP noted that the STB has already approved CP's use of a voting trust and affirmed KCS' waiver from the new rail merger rules it adopted in 2001 because a CP-KCS combination is truly end-to-end, pro-competitive, and the only viable Class 1 combination.

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