Compiled by MarketsFarm
WINNIPEG, April 14 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Friday marked the first day that Canadian Pacific Railway Ltd. (CP) and Kansas City Southern (KCS) will officially become Canadian Pacific Kansas City (CPKC). In December 2021, CP acquired KCS for US$31 billion, but had to wait for approval from the United States Surface Transportation Board, which was granted on March 15. Company officials will mark the occasion by driving a spike where the two railways meet in Kansas City, Mo. meanwhile, trading under the new name is scheduled to begin on April 18.
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- As Switzerland-based Glencore continued its takeover attempt of Canada-based Teck Resources Ltd., the latter’s largest shareholder, the China Investment Corp. (CIC), threw its support behind Glencore’s latest proposal. Pending shareholder approval, the proposal would have Teck exit their coal exposure in return for cash. However, the plan needs two-thirds support from Class A and Class B shareholders in separate votes. CIC owns 10 per cent of the Class B shares, while the Keevil family controls the Class A shares. The Keevils said they oppose Glencore’s takeover. Voting on Glencore’s proposal is set for April 26.
- Jack Teixeira, a 21-year-old National Guard airman, was arrested by the Federal Bureau of Investigation (FBI) on Thursday in connection with the recent leak of highly sensitive documents outlining the war in Ukraine that appeared on social media. The incident led to widespread embarrassment for the U.S. and its allies as they try to keep Ukraine from collapsing under the Russian invasion. Teixeira is scheduled to appear in court on Friday. The airman was a cyber transport systems journeyman with the National Guard wing of the U.S. Air Force.
