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The U.S. Surface Transportation Board (STB) late last week took steps to begin the declaratory order process as part of Canadian Pacific's proposed merger with Norfolk Southern Corp.Earlier this month, the Canadian Class I petitioned the STB to issue a declaratory order on two issues involved in the railroad's proposed takeover of NS: whether a voting trust structure can be used while CP acquires control of NS, and whether Chief Executive Officer E. Hunter Harrison would end his ties at CP entities in trust to take over NS prior to the merger's regulatory approval.CP also has requested that the STB issue an expedited declaratory order by May 6.Labor unions and CSX also filed requests with the STB regarding when the board will accept replies to CP's petition for a declaratory order.In its decision filed March 10, the STB stated that replies to CP's petition will be due by April 8 and should address the merits of CP's petition; CP will have until April 13 to file a rebuttal, the STB said in its March 10 decision."Under the circumstances, the schedule will provide a sufficient opportunity for interested persons to present their views on the issues and for [CP] to respond," the STB document states.
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