Junction Ahead For 1st 'Major' Rail Merger In Decades

Law360 (April 14, 2021, 7:28 PM EDT) -- U.S. regulators are gearing up to review the planned $29 billion merger between Canadian Pacific Railway and Kansas City Southern, a deal between two of the nation's largest railroads that is raising questions about what rules should apply.

The Surface Transportation Board is tasked with reviewing mergers between railroads for their public interest implications, including competition issues. The board has heightened requirements for so-called "major" transactions that involve two or more of the seven Class I railroads — Canadian Pacific and KCS among them — that have at least $505 million in annual revenues.

The board adopted new rules for major...

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