Activist investor raises stake in “undervalued” CN, may seek board seat

(Source: BNN Bloomberg, August 30, 2021)

MONTREAL — The investment firm founded by billionaire Christopher Hohn has increased its stake in Canadian National Railway Co., describing the railroad operator’s stock as “undervalued” and an “attractive investment opportunity” in a filing to the U.S. Securities and Exchange Commission on Monday. A regulatory filing also includes commentary that is often associated with activist campaigns, including plans to engage in talks with company management on changes to its operations or its board makeup. TCI’s investment comes a day before the U.S. Surface Transportation Board is expected to make its decision on a voting trust arrangement proposed by CN Rail in order to move forward with its US$30-billion acquisition of Kansas City Southern (KCS).

Full story: www.bnnbloomberg.ca

Tuesday, August 31, 2021