By Adriano Marchese
Canadian Pacific Railway Ltd. said its shareholders have voted overwhelmingly in favor of issuing its stock to Kansas City Southern shareholders as part of their proposed combination.
In a special meeting Wednesday, the Canadian railroad said its shareholders voted 99.91% in favor of issuing up to 278 million shares as the share portion of the consideration of the deal.
Shareholders also have approved in near-total majority to rename the company Canadian Pacific Kansas City Ltd.
"The shareholder approvals today are a key step on our path to this once-in-a-lifetime partnership to create the first U.S.-Mexico-Canada rail network," President and Chief Executive Keith Creel said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
12-08-21 1206ET