CP has a agreement to sell the D&H

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CP has a agreement to sell the D&H

Postby oat324 » Thu Oct 02, 2014 8:23 am

http://www.bloomberg.com/news/2014-10-0 ... limbs.html
It's under Right Direction, but doesn't give the buyers name.
Harrison also said the railroad has an agreement to sell its Delaware & Hudson Railway. He didn’t elaborate and said he wasn’t at liberty to disclose the buyer.
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Re: CP has a agreement to sell the D&H

Postby DutchRailnut » Thu Oct 02, 2014 12:57 pm

no request or decision on STB site yet http://www.stb.dot.gov/decisions/Readin ... lyReleases
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Re: CP has a agreement to sell the D&H

Postby CN9634 » Thu Oct 02, 2014 5:28 pm

Be patient....
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Re: CP has a agreement to sell the D&H

Postby Engineer Spike » Mon Oct 06, 2014 8:58 pm

Who cares! This may force me to vet a real job.
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Re: CP has a agreement to sell the D&H

Postby newpylong » Thu Oct 09, 2014 9:41 am

You're not protected under NY Dock? Or do you mean the job you have is cushy? :-D
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Re: CP has a agreement to sell the D&H

Postby Engineer Spike » Fri Oct 10, 2014 9:34 pm

My concern is about making the right move. Which company will be best long term.Even if I'm protected, that only lasts so long.

I'll have to see if the new carrier offers jobs, and where everyone bumps to at the last minute. Several guys plan to retire. Who knows where that puts me. Right now the oil is the main business up north. What if they loose the business to CSX?
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Re: CP has a agreement to sell the D&H

Postby Steve F45 » Sat Oct 11, 2014 4:55 am

does anyone know who the buyer is? everyone was speculating it was ns, but has that been even confirmed?
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Re: CP has a agreement to sell the D&H

Postby Engineer Spike » Mon Oct 13, 2014 1:24 pm

With the announcement about CSX, this deal makes perfect sense. Just because CSX said no, does not mean its over. CP and or Ackman may buy enough shares to do a hostile takeover. If CP did not sell the southern end of D&H, then it would be an obstacle because they would control both main routes to New England (Mechanicville and the B&A.
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Re: CP has a agreement to sell the D&H

Postby CPF363 » Mon Oct 20, 2014 9:06 pm

With the announcement that CSX and CP 's merger is over (at least for now), wonder if CP is going to reconsider their decision to sell the south end of the D&H if they can't get CSX. They could enter an alternative agreement with NS where CP sells 50% of the entire D&H railway to NS, and NS pays with the Southern Tier Line, so no cash would be exchanged. Both systems would benefit, NS would get direct access to New England and eastern Canada while CP would get a direct line from the TH&B to Croxton Yard and the New York market and port.
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Re: CP has a agreement to sell the D&H

Postby F-line to Dudley via Park » Tue Oct 21, 2014 2:13 pm

CPF363 wrote:With the announcement that CSX and CP 's merger is over (at least for now), wonder if CP is going to reconsider their decision to sell the south end of the D&H if they can't get CSX. They could enter an alternative agreement with NS where CP sells 50% of the entire D&H railway to NS, and NS pays with the Southern Tier Line, so no cash would be exchanged. Both systems would benefit, NS would get direct access to New England and eastern Canada while CP would get a direct line from the TH&B to Croxton Yard and the New York market and port.


They're not going to call off a sale when they've got a buyer. That was completely independent of the CSX takeover bid, which they had to assume had par or better odds of being rejected on the first attempt. CSX was an opening salvo and a testing of the waters, not a closer. They knew going in it would probably take a few whacks at that piñata before they could ever get CSX's approval. And this probably won't be the last one (whether it takes months or years before the second attempt, however, is completely up for debate). If the D&H sale somehow had a direct or even indirect dependency on acquiring CSX, they wouldn't have put it up for bid preemptively.

That one was always an independent move and always track they saw as surplus-to-requirement on where they wanted to focus, future merger or no future merger. They were quietly telegraphing it as such years in advance of the actual action.
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Re: CP has a agreement to sell the D&H

Postby johnpbarlow » Wed Oct 22, 2014 5:12 am

CPF363 wrote:With the announcement that CSX and CP 's merger is over (at least for now), wonder if CP is going to reconsider their decision to sell the south end of the D&H if they can't get CSX. They could enter an alternative agreement with NS where CP sells 50% of the entire D&H railway to NS, and NS pays with the Southern Tier Line, so no cash would be exchanged. Both systems would benefit, NS would get direct access to New England and eastern Canada while CP would get a direct line from the TH&B to Croxton Yard and the New York market and port.


From the transcript of CP's Q3 earnings call of 10/21/14:

"David Newman - Cormark Securities

And when do you anticipate the D&H might close or when you finally get an agreement gets manned?

James Clement - CP Vice-President, Strategic Planning and Transportation Services

Well, it’s James. We think that we will have an agreement this quarter and then it needs regulatory approval through the FTB (sic - should be STB). So that would put closing sometime in 2015, probably second half 2015...."
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Re: CP has a agreement to sell the D&H

Postby newpylong » Fri Oct 24, 2014 2:43 pm

They should be filing soon and it is NS.
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Re: CP has a agreement to sell the D&H

Postby mtuandrew » Fri Oct 24, 2014 3:38 pm

newpylong wrote:They should be filing soon and it is NS.

Any word yet on trackage rights retained by CP?
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Re: CP has a agreement to sell the D&H

Postby newpylong » Mon Oct 27, 2014 7:23 am

Will have to wait and see on exactly what the extent of the sale is. They were sparring on how far north it would go. NS wants into Mohawk (at least), CP only wanted to sell up to GE. I can't imagine NS taking anything other than all the way to XO, but who knows. Someone will have trackage rights on the join main, or maybe they will split it like it used to be. I can't imagine CP wanting to go anywhere but Albany so doubtful they will have rights anywhere else.
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Re: CP has a agreement to sell the D&H

Postby JayBee » Thu Oct 30, 2014 9:19 pm

newpylong wrote:Will have to wait and see on exactly what the extent of the sale is. They were sparring on how far north it would go. NS wants into Mohawk (at least), CP only wanted to sell up to GE. I can't imagine NS taking anything other than all the way to XO, but who knows. Someone will have trackage rights on the join main, or maybe they will split it like it used to be. I can't imagine CP wanting to go anywhere but Albany so doubtful they will have rights anywhere else.


Andy Cummings, CP PR spokesman, confirmed that CP would retain Mohawk Yd. proper, but that the buyer would get ownership of the mainline to Mechanicville.
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