CP says it sees no acquisition targets on horizon

CEO comments indicate railroad will not pursue Pan Am
Trains Industry Newsletter
Get a weekly roundup of the industry news you need.
By signing up you may also receive occasional reader surveys and special offers from Trains magazine. View our privacy policy.
Canadian Pacific beaver logo

CALGARY, Alberta – Canadian Pacific is apparently not interested in acquiring New England regional Pan Am Railways, which has put itself up for sale.

On the railway’s quarterly earnings call on Wednesday morning, CP CEO Keith Creel was asked if he foresaw further merger activity beyond its acquisition of regional Central Maine & Quebec, which it began operating last month.

“Right now there’s nothing immediate but our eyes are always open and if it makes sense we’ll not hesitate to move,” Creel responded.

The CMQ is part of CP’s historic route linking Montreal with the Port of Saint John, New Brunswick. It connects with Pan Am in Maine, and CP also connects with Pan Am’s west end in New York state.

CP had been mentioned as a potential acquirer of Pan Am, the privately held railroad controlled by Timothy Mellon and some other investors including the railroad’s executive team.

“Right now we’re focused on optimizing the CMQ. That’s going to keep us busy for a little while. Certainly I don’t want to dilute our efforts there,” Creel says.

CP officials are bullish on the CMQ in general and service to Saint John in particular via a haulage agreement with a pair of Irving-owned short lines. 

CP expects to gain intermodal, automotive, propane, and forest products traffic service through Saint John, which is in the midst of a $200 million upgrade of its port facilities.



Leave a Comment
Want to leave a comment?
Only registered members of TrainsMag.com are allowed to leave comments. Registration is FREE and only takes a couple minutes.

Login or Register now.
Please keep your feedback on-topic and respectful. Trains staffers reserve the right to edit or delete any comments.


The Genesee & Wyoming 

Newsletter Sign-Up

By signing up you may also receive occasional reader surveys and special offers from Trains magazine.Please view our privacy policy
Subscribe Up To 58% off the newsstand price!
Subscribe To Trains Mag Today