CP urges Kansas City Southern to reject competing $33.6B bid

OMAHA, Neb. (AP) — Canadian Pacific is urging Kansas City Southern to reject Canadian National’s rival $33.6 billion takeover bid, but it still refuses to increase its own $25 billion bid. Canadian Pacific maintained Thursday that Canadian National’s bid won’t be approved by regulators because it would hurt competition and add to rail congestion around Chicago, so CEO Keith Creel doesn’t see a need to increase its offer. Kansas City Southern officials didn’t immediately respond Thursday morning, but a week earlier they backed the CN offer after it was increased. Canadian National has said it doesn’t believe its bid would significantly hurt competition.