By Adriano Marchese

Canadian Pacific Railway Ltd. said its shareholders have voted overwhelmingly in favor of issuing its stock to Kansas City Southern shareholders as part of their proposed combination.

In a special meeting Wednesday, the Canadian railroad said its shareholders voted 99.91% in favor of issuing up to 278 million shares as the share portion of the consideration of the deal.

Shareholders also have approved in near-total majority to rename the company Canadian Pacific Kansas City Ltd.

"The shareholder approvals today are a key step on our path to this once-in-a-lifetime partnership to create the first U.S.-Mexico-Canada rail network," President and Chief Executive Keith Creel said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 08, 2021 12:06 ET (17:06 GMT)

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