Canadian National Railway Co. ’s $30 billion bid to buy Kansas City Southern ran into a major obstacle Tuesday, with regulators ruling the Canadian railroad won’t be permitted to complete a deal using a temporary voting trust that was a crucial part of the offer.
The Surface Transportation Board, a five-member panel that must bless mergers of freight railroads, said Tuesday in a filing posted to its website that Canadian National hadn’t demonstrated that its use of a voting trust would be consistent with the public interest. The unanimous decision, which had been eagerly awaited by the companies and investors, is the latest twist in a slow-motion drama that has gripped the railroad industry since Kansas City Southern
Are Canadians (ens) allowed outside to work on the rail yard?