BREAKING Average hourly wage in Canada now $34.95: StatCan
Average hourly wages among Canadian employees rose to $34.95 on a year-over-year basis in April, a 4.7 per cent increase, according to a Statistics Canada report released Friday morning.
Canadian Pacific Railway Ltd. is urging Kansas City Southern shareholders to vote against the proposed merger with Canadian National Railway Co. because of the regulatory uncertainty of its rival's US$33.6-billion bid.
The Calgary-based railway made the request in a regulatory filing ahead of the U.S. railway's special meeting on Aug. 19.
It says shareholder approval at this stage would not be in the interests of KCS shareholders because of the uncertainty over whether the U.S. regulator will approve CN's request for a CN voting trust.
The trust would allow KCS shareholders to receive payment from CN while also ensuring that the railway is run independently until the Surface Transportation Board rules on the merger itself.
CP says CN's proposed acquisition can be decided later, when more information is available, potentially opening the door for it to again bid to buy the railway.
Canadian Pacific received a US$700 million break fee paid by CN after KCS determined that CN's bid was superior to the one KCS's board previously endorsed from CP.
"CP has always said it wanted to do a friendly deal with KCS and that remains true," stated CP chief executive Keith Creel.
"CP would have preferred not to appeal directly to KCS's stockholders, but given the impending vote on CN's proposal, we believe we have no choice."
He said shareholder approval would prevent KCS shareholders from considering alternatives until CN's purchase agreement expires on Feb. 21.
"We want to ensure KCS stockholders are aware that a vote today, without the benefit of an STB decision on the CN voting trust proposal and without a chance to consider other proposals until the spring of next year, would not be in their best interests," Creel added.
This report by The Canadian Press was first published July 30, 2021.
Average hourly wages among Canadian employees rose to $34.95 on a year-over-year basis in April, a 4.7 per cent increase, according to a Statistics Canada report released Friday morning.
A 4.2-magnitude earthquake was recorded west of Vancouver Island early Friday morning.
Andy Kim's 'Rock Me Gently' is marking a major milestone, as it celebrates its 50th anniversary.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.
Oprah Winfrey said on Thursday evening that she has long played a role in promoting unhealthy and unrealistic diets.
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Toronto police say a man who allegedly attempted to access Drake’s Bridle Path property was taken to hospital on Thursday after an altercation with security guards.
If you're cruising down a highway and realize you have a flat tire, you may want to think twice before stopping to fix it on the side of the road.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
The stakes have been set for a bet between Vancouver and Edmonton's mayors on who will win Round 2 of the Stanley Cup playoffs.
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
A P.E.I. lighthouse and a New Brunswick river are being honoured in a Canada Post series.