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Yesterday, Kansas City Southern announced its largest stockholder, Grupo TMM S.A., has sold all 18 million shares of KCS common stock — which TMM acquired by selling its share of TFM S.A. de C.V. to KCS in April — to Morgan Stanley & Co. for $22.25 per share.

Morgan Stanley has issued a public offering of 9 million shares of KCS common stock at $23.25 per share and will sell the remaining 9 million shares to KCS.

KCS has priced a public offering of $210 million of its 5.13 percent cumulative convertible perpetual preferred stock at a liquidation preference of $1,000 per share. The Class I plans to use net proceeds to purchase the 9 million shares.