Comment / M&A radar: The north American railroad soap opera takes another turn

Trains may be a romantic mode of transport, but the Kansas City Southern (KCS) takeover saga has been more TV soap opera than Casablanca.

The will-they-won’t-they storyline has dragged on for a year, arguably, but recent episodes have seen the tensions – and the price tag – inch ever higher.

It is, at its heart, a love triangle, with two dashing suitors – Canadian National (CN) and Canadian Pacific (CP), making increasingly ambitious plays for the heart of a southern belle.

KCS has ...