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BREAKING NEWS: The Surface Transportation Board has rejected the CN voting trust application to purchase Kansas City Southern.

"Applicants have adequately explained how the voting trust agreement would insulate them from an unlawful control violation, but the Board finds that the proposed use of a voting trust, in the context of their impending control application, would not be consistent with the public interest. Applicants have failed to establish that their use of a voting trust would have public benefits, and the Board finds that using a voting trust, in the context of the impending control application, would give rise to potential public interest harms relating to both competition and divestiture. Accordingly, Applicants’ motion to approve the use of a voting trust will be denied."

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