The Surface Transportation Board rejected the use of a voting trust agreement to advance the proposed Canadian National Railway and Kansas City Southern Railway merger, striking a potential blow to the agreement.
U.S. Rep. Peter DeFazio, D-Oregon, sent a letter to the Surface Transportation Board (STB) opposing the approval of a trust for the proposed merger of the Canadian National (CN) and Kansas City Southern (KCS) railroads.
An executive order signed by President Joe Biden that could force railroads to allow other operators to use their tracks could reduce competition and increase costs, according to industry experts.
CSX Corp. will submit an amended and supplemented application to the Surface Transportation Board (STB) as part of the previously announced agreement to acquire New England’s Pan Am Railway’s Inc.
Canadian National Railway submitted an unsolicited proposal to acquire Kansas City Southern in a cash and stock transaction valued by CN at $325 per KCS share.
Canadian Pacific Railway and Kansas City Southern announced their intention to merge, a move they say will create the first Canada-to-Mexico rail network.