The great train takeover | FT Big Deal

The fiercest takeover battle of 2021 took place in a sector that hadn’t seen a major deal in over 20 years: the railroad industry. The saga began in March when Canadian Pacific agreed to buy smaller rival Kansas City Southern for $28.9bn including debt. But as things turned out, unlike in the board game Monopoly, he who has the most cash doesn’t always win, says Arash Massoudi