Canadian National shareholder to nominate five directors to company’s board By Reuters

0
27
© Reuters. FILE PHOTO: A Canadian National Railway train travels eastward on a track in Montreal, February 22, 2015. REUTERS/Christinne Muschi/File Photo

(Reuters) – Billionaire Chris Hohn’s TCI Fund Management said on Tuesday it intends to nominate directors to replace about half of Canadian National’s board, after its costly attempts to buy Kansas City Southern (NYSE:) were dealt a blow by the U.S. regulator.

TCI, which owns over 5% of Canadian National, said it hired Kingsdale Advisors, a firm which had represented Bill Ackman in his efforts to bring about changes at Canadian Pacific (NYSE:) Railway.

“We believe CN’s best days are ahead of it”, provided the company pulls out of its $29 billion bid to buy Kansas City Southern, TCI’s Hohn said.

The fund expects to nominate at least five new directors, he added.

Canadian National, which has 11 directors on its board, said it would make carefully considered decisions in the interest of its shareholders and in line with the company’s strategic priorities.

The fund reiterated its call for CN’s top boss Jean-Jacques Ruest to be replaced by former Union Pacific (NYSE:) Chief Operating Officer Jim Vena.

TCI, the company’s second largest shareholder, as per Refinitiv data has held a stake in since 2018.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.