Former rail regulator recommends approval of CN-KCS voting trust

Former Surface Transportation Board (STB) Vice Chairman William Clyburn Jr. is urging the current board to approve the proposed voting trust that Canadian railway CN (NYSE: CNI) plans to form as part of the process to acquire Kansas City Southern (NYSE: KSU).

CN and Kansas City Southern (KCS) say the voting trust will protect KCS from being taken over during merger proceedings before the board.

Since STB will review the proposed merger under newer, post-2001 rules pertaining to Class I rail...