Regulators say older merger rules apply to Kansas City Southern
A proposed merger between Kansas City Southern (NYSE: KSU) and Canadian Pacific (NYSE: CP) can proceed under older rules governing Class I mergers, the Surface Transportation Board (STB) determined Friday.
In a late Friday decision, STB confirmed that Kansas City Southern (KCS) is exempt from following the newer merger rules made after 2001. By allowing KCS to maintain its waiver from the post-2001 rules, a proposed merger between KCS and CP could occur under pre-2001 rules.
Under the post-2001 rules, the board would be studying the proposed merger to see whether it will enhance competition. The pre-2001 merger rules are to determine whether a merger would adversely affect current competition.
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