The Surface Transportation Board (STB), the regulatory body overseeing railroad mergers in the United States, rejected Canadian National's (CN) proposed voting trust to acquire Kansas City Southern (KCS). The rejection stemmed from the absence of a finalized merger agreement at the time of application. The STB determined that the lack of this crucial document prevented a thorough review, necessitating adherence to the more stringent 2001 merger rules, in contrast to the less rigorous rules applied to Canadian Pacific's (CP) earlier, competing offer. This highlights the critical importance of submitting complete and accurate documentation to the STB for any proposed railroad merger.