Alberta's premier says no jobs in the province will be lost due to CP's purchase of Kansas City Southern
Calgary-based Canadian Pacific announced it was buying Kansas City Southern for $25 billion on Sunday in a cash-and-shares deal to create the first rail network from Canada through the U.S. to Mexico.the $25 billion deal on TwitterHe also said he's spoked with executives at Canadian Pacific who have reassured him that there will be no job losses at its Calgary headquarters or anywhere else across its network as a result of the deal.
"This transaction means that Calgary will now be global headquarters of North America’s only fully-integrated continental railway, with 20,000 employees.""This transaction will be good news for Alberta’s economy, expanding one of our largest employers while increasing shipping access to our largest export customers," he said.
It owns and operates a transcontinental freight railway in Canada and the United States. Grain haulage is the company's biggest revenue driver, accounting for about 58% of bulk revenue and about 24% of total freight revenue in 2020.