KC Southern takes buyout from Canadian National Railway

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NEW YORK (AP) — Kansas City Southern has abandoned its agreement to be acquired by Canadian Pacific, choosing instead a competing bid from Canadian National Railway with a bigger price tag, but also greater regulatory risks. The decision Friday comes one day after Canadian Pacific said that it would stick with its initial $25 billion buyout agreement made in March, even after Kansas City Southern said that a richer $33.6 billion bid from Canadian National appeared to be superior.  Sensing that a deal was imminent Friday, Canadian Pacific made public a letter to regulators that it intended to proceed with its application for its approval to control Kansas City Southern based on its agreement from March.

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