Canadian National Railway Co.

says Bill Gates and the Quebec pension fund are supporting its $33.6-billion (U.S) bid to acquire

National Railway Co. says Bill Gates and the Caisse de dépôt et placement du Québec are supporting the company’s $33.6-billion (U.S.) bid to acquire Kansas City Southern.

Chief executive Jean-Jacques Ruest told an investor conference today that most of its shareholders are excited about the combination despite concerns raised by its fifth-largest shareholder, Britain’s TCI Fund Management.

He pointed to public support from Cascade Investment LLC, controlled by Bill Gates, and the Quebec pension fund manager.

Kim Thomassin, the head of investments for the Caisse, said in a letter that it believes the deal has the potential to “not only create jobs in a company based in Montreal, but also to open new markets to Quebec export companies and stimulate the economic recovery as a whole.”

The Caisse is CN Rail’s ninthlargest investor with a 1.7 per cent stake in the Montrealbased railway, according to financial data firm Refinitiv.

Cascade Investment is the largest with a 14.3 per cent stake. TCI Fund holds a 2.9 per cent interest.

“This acquisition is in line with CDPQ’s objectives to support both Quebec companies in their international growth and the transition toward a low-carbon economy,” Thomassin wrote.

On Tuesday, TCI, who is also CP Rail’s largest shareholder, urged CN’s board to drop its bid because of the sizable break fee if CN’s voting trust is not approved by the U.S. regulator.