After a Norfolk Southern derailment crippled East Palestine, Ohio, and after Congress had its first hearing taking the company to task for industry corruption, federal regulators on Wednesday approved the first major U.S. corporate railroad merger in more than two decades: Canadian Pacific’s $31 billion acquisition of Kansas City Southern.The merger combines the two smallest of the largest railroad companies in the country; the combined duo will now reduce the number of Class I freight railroads from seven down to six. Moreover, the merger of the two will create the only railroad that links Canada, Mexico, and the United States.Previously, Canadian National railroad had attempted to buy Kans
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