OMAHA, Neb. (AP) — Regulators have dealt a procedural blow to Canadian National’s $33.6 billion plan to acquire Kansas City Southern railroad. The U.S. Surface Transportation Board on Monday rejected Canadian National’s plan to set up a voting trust that would own Kansas City Southern while regulators review the deal. The STB says it can’t review Canadian National’s plan now because it doesn’t include a detailed merger agreement. Canadian National described the decision as a minor setback, and it will resubmit the plan along with the merger agreement it finalized last week. Kansas City Southern said Thursday that it believes CN’s offer is better than the $25 billion deal it had made with rival Canadian Pacific railroad a month earlier.
