By Adriano Marchese
Canadian Pacific Railway Ltd. overcame another regulatory hurdle after receiving clearance from the U.S.'s foreign investment regulator for its proposed merger with Kansas City Southern.
On Tuesday, the Canadian railroad operator said the Committee on Foreign Investment has granted clearance to the two companies which completed the transaction in mid-December of last year.
The merger is still awaiting a critical decision by the U.S. Surface Transportation Board which is currently undergoing its own regulatory review of the companies' joint railroad control application.
The STB review is expected to be completed in early 2023.
The Kansas City Southern shares are currently in a voting trust and will operate independently of CP until the STB makes its decision.
Write to Adriano Marchese at firstname.lastname@example.org
(END) Dow Jones Newswires