Senior U.S. lawmaker warns against railroad industry consolidation By Reuters

April 23, 2021 admin Stock News 0

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© Reuters. FILE PHOTO: FILE PHOTO: A wagon of a freight train of KCS Railway Company is pictured in Toluca

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WASHINGTON (Reuters) – The chairman of the U.S. House Transportation and Infrastructure Committee said on Friday the potential acquisition of Kansas City Southern (NYSE:) railroad should set off “alarm bells” about industry consolidation.

Representative Peter DeFazio, a Democrat, said the deal could spark a “new wave of railroad mergers that stifle competition and trigger industry-wide consolidation.”

He warned “Wall Street will make money from railroad consolidation, but the U.S. economy and workforce will be worse off for it.”

Both Canadian National and Canadian Pacific (NYSE:) have offered to buy Kansas City Southern.

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