The
The
The decision announced Thursday follows its earlier agreement that the transaction would be governed by a waiver KCS received in 2001.
The STB's latest ruling allows KCS shareholders to receive cash and shares of CP and for its shares to be transferred to an independent trust once shareholders of both railways approve the transaction.
CP Rail President and Chief Executive Officer
"We are proceeding full steam ahead to complete this historic combination, creating the first truly North American single line railroad," Creel said in a release.
"We are continuing to prepare our formal merger application and proxy filing for a shareholder vote in the near future."
Meanwhile, rival bidder
"Approving both voting trusts will allow KCS to choose the bid it judges to be best for its shareholders," it said in a news release.
Calgary-based CP Rail's bid is valued at
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Companies in this story: (TSX:CNR, TSX:CP)
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