Canadian Pacific Railway Ltd. and Kansas City Southern filed a notice of intent to file an application with the Surface Transportation Board on March 23. In their deal presentation, the merging parties state that “closing KCS into a Trust prior to STB review of the proposed change in control is standard procedure, with numerous precedents.” These precedents either involve smaller transactions or were completed prior to 2001 STB regulations which formalizes approval for voting trusts in major rail transactions.: https://reorg.com/ksu-cp/