canadian pacific kansas city - CP

A Canadian Pacific train has derailed in the Chicago area, the latest in a series of train derailments around the U.S. in recent months.

Kansas City Southern is in talks with Canadian Pacific to determine whether its $31 billion bid for the railroad is the best offer on the table after regulators rejected a key part of Canadian National’s $33.6 billion bid last week.

Kansas City Southern railroad is trying to keep its $33.6 billion merger with Canadian National on track by rejecting a competing $31 billion bid from rival Canadian Pacific earlier this week.

Kansas City Southern is expected to ditch its merger agreement with Canadian Pacific Railway Ltd. in favor of a competing proposal from Canadian National Railway Co. according to people familiar with the matter, a dramatic turn with big implications for the shape of the U.S. rail industry.