World Grain - October 2021 - 10

NEWS REVIEW
CP enters agreement to acquire KCS
CALGARY, ALBERTA, CANADA - After months of backand-forth
negotiations between three of North America's largest
rail companies, a winner finally appears to have emerged
in the battle to acquire Kansas City Southern (KCS).
Canadian Pacific Railway Ltd. (CP) on Sept. 15 announced
it has entered into an agreement to acquire KCS in a stock and
cash transaction representing an enterprise value of approximately
$31 billion, which includes the assumption of $3.8 billion
of outstanding KCS debt.
" Our path to this historic agreement only reinforces our
conviction in this once-in-a-lifetime partnership, " said Keith
Creel, president and chief executive officer of CP. " We are excited
to get to work bringing these two railroads together. By
combining, we will unlock the full potential of our networks
and our people while providing industry-best service for our
customers. This perfect end-to-end combination creates the
first US-Mexico-Canada rail network with new single-line
offerings that will deliver dramatically expanded market
reach for CP and KCS customers, provide new competitive
transportation options, and support North American economic
growth. "
Patrick J. Ottensmeyer, president and CEO of KCS, said
the merged railroad will be able to compete " by providing the
best value for the transportation dollar. "
Local businessman acquires Arva Flour Mill
ARVA, ONTARIO, CANADA - A local businessman has
stepped forward to acquire the 202-year-old Arva Flour Mill
located in Arva, Ontario, Canada.
Mark Rinker, who recently retired as vice president of sales
at a pharmacy automation company, has acquired the mill
from the Matthews family, which has owned and operated the
mill for the past 100 years. Financial terms of the transaction
were not disclosed.
Rinker said he was drawn to the mill because he spent time
there as a boy with his father.
" It's simple really. Being at the mill gives me joy, " Rinker
said. " From a very young age I formed a bond with the property,
the people and processes that make the mill special. I
have recently retired as VP sales with a pharmacy automation
company and the timing was just right. When I approached
the Matthews family with our vision for the property and the
business, we found alignment immediately in preserving the
property and legacy for future generations to enjoy. Keeping
the rich history and traditions of the mill intact are as important
to me as any commercial success. "
Approximately 100 individual customers visit the mill daily
and it also has a few select retail partners located throughout
Southwestern Ontario, including Remark Fresh Markets in
London and Windsor. The mill has daily wheat flour capacity
of 300 cwts and 20,000 bushels of storage capacity, according
to Sosland Publishing Co.'s 2021 Grain & Milling Annual.
Rinker said he envisions growing in new and existing markets
through expansion and modernization.
" We want to continue to honor and serve the existing customers
that have kept this mill going for many generations
while looking into buildings and equipment to serve new markets, "
he said.
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10
October 2021 / World Grain / www.World-Grain.com
" The CP-KCS combination will not only benefit customers,
labor partners, and shareholders through new, single-line
transportation services, attractive synergies and complementary
routes, it will also benefit KCS and our employees by
enabling us to become part of a growing and truly North
American continental enterprise, " Ottensmeyer said.
In order to move forward with its deal with CP, KCS first
had to terminate its proposed merger with Canadian National
(CN), a decision with significant financial implications. As
part of the termination agreement, KCS must pay CN $1.4
billion, which includes a termination fee of $700 million and
a $700 million refund of the fee CN paid for KCS to terminate
its deal in May with CP.
" While we are disappointed that we will not be able to deliver
the many compelling benefits of this transaction to our
stakeholders, the decision to bid for KCS was a bold and strategic
move that still resulted in positive outcomes for CN, " said
JJ Ruest, president and CEO of CN. " We believe that the decision
not to pursue our proposed merger with KCS any further
is the right decision for CN as responsible fiduciaries of our
shareholders' interests. CN will continue to pursue profitable
growth and opportunities for excellence as a leading Class I
railroad, and we look forward to outlining more details on our
strategic, operational and financial priorities in the near future. "
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World Grain - October 2021

Table of Contents for the Digital Edition of World Grain - October 2021

World Grain - October 2021 - Intro
World Grain - October 2021 - 1
World Grain - October 2021 - 2
World Grain - October 2021 - 3
World Grain - October 2021 - 4
World Grain - October 2021 - 5
World Grain - October 2021 - 6
World Grain - October 2021 - 7
World Grain - October 2021 - 8
World Grain - October 2021 - 9
World Grain - October 2021 - 10
World Grain - October 2021 - 11
World Grain - October 2021 - 12
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World Grain - October 2021 - 18
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World Grain - October 2021 - 20
World Grain - October 2021 - 21
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World Grain - October 2021 - 26
World Grain - October 2021 - 27
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World Grain - October 2021 - 38
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https://digital.world-grain.com/sosland/wg/world-grain-october-2021
https://digital.world-grain.com/sosland/wg/world-grain-september-2021
https://digital.world-grain.com/sosland/wg/world-grain-august-2021
https://digital.world-grain.com/sosland/wg/world-grain-july-2021
https://digital.world-grain.com/sosland/wg/world-grain-june-2021
https://digital.world-grain.com/sosland/wg/world-grain-may-2021
https://digital.world-grain.com/sosland/wg/world-grain-april-2021
https://digital.world-grain.com/sosland/wg/world-grain-march-2021
https://digital.world-grain.com/sosland/wg/world-grain-february-2021
https://digital.world-grain.com/sosland/wg/2021_01_01
https://digital.world-grain.com/sosland/wg/2020_12_01
https://digital.world-grain.com/sosland/wg/2020_11_01
https://digital.world-grain.com/sosland/wg/2020_10_01
https://digital.world-grain.com/sosland/wg/2020_09_01
https://digital.world-grain.com/sosland/wg/2020_08_01
https://digital.world-grain.com/sosland/wg/2020_07_01
https://digital.world-grain.com/sosland/wg/2020_06_01
https://digital.world-grain.com/sosland/wg/2020_05_01
https://digital.world-grain.com/sosland/wg/2020_04_01
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https://www.nxtbook.com/sosland/wg/2015_04_01
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http://digital.world-grain.com/sosland/wg/2011_02_01
http://digital.world-grain.com/sosland/wg/2011_02_01
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http://digital.world-grain.com/sosland/wg/2010_12_01
http://digital.world-grain.com/sosland/wg/2010_11_01
http://digital.world-grain.com/sosland/wg/2010_10_01
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