Canadian National not to proceed with deal for Kansas City Southern

FILE PHOTO: A Canadian National Railway train travels eastward on a track in Montreal

(Reuters) – Canadian National Railway Co said on Wednesday it would not proceed with its $29.6 billion offer to buy Kansas City Southern, paving the way for the U.S. railroad operator to be bought by rival Canadian Pacific Railway Ltd.

(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Arun Koyyur)