Bill Gates’ Cascade Investment said on Wednesday it “fully supports” the ongoing talks between Canadian National Railway and Kansas City Southern over Canadian National’s takeover bid for the U.S. railroad.
Canadian National made an unsolicited $33.7 billion offer for Kansas City Southern last week, topping Canadian Pacific’s $25 billion bid.
“There is a clear path to completion as Canadian National has stated its commitment to address any reasonable regulatory requirements,” said Charles Zehren, a spokesperson for Cascade Investment.
“Canadian National’s cash and stock proposal also offers greater financial value and certainty to Kansas City Southern shareholders. Cascade looks forward to participating in the value a combination with KCS will create for all stakeholders.”
Cascade Investment held a 14.25% stake in Canadian National as of March 23. Kansas City Southern is still evaluating if Canadian National’s offer could lead to a “superior proposal.”