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One of Canadian National Railway Co.’s largest shareholders formally started a proxy fight to replace the company’s leader and some board members, arguing that their failed attempt to buy Kansas City Southern for $30 billion demonstrated “flawed decision making.”

One of the largest shareholders in Canadian National Railway Co. said it’s prepared to launch a proxy fight to replace the company’s leader as the $30 billion deal to buy Kansas City Southern faces possible collapse.

Montreal-based Canadian National has offered $30 billion for its U.S. rival, but the transaction appears to have little chance of succeeding.

The Canadian National Railway’s $33.6 billion bid to merge with the smaller but strategically significant Kansas City Southern suffered a serious and possibly fatal blow Aug. 31, as the U.S. Surface Transportation Board unanimously voted to reject a vital component of the agreement.

Canadian National Railway reported an increase in second-quarter net income and revenue, and for the second period in a row company leaders spent significant time detailing for analysts the value of the company’s $33.7 billion merger with Kansas City Southern.

Canadian National Railway Co. told its customers on July 14 that it’s temporarily suspending operations in parts of British Columbia due to wildfires, the latest snarl to rail traffic in the region after recent track damage left thousands of cars idled.

As leaders from Canadian National Railway and Kansas City Southern Railway promote their proposed merger, concerns are growing among some of their customers.

Leaders of the rival Canadian National and Canadian Pacific railroads on May 26 made their pitches about why their respective railroads should be approved to purchase Kansas City Southern Railroad.

NEW YORK — Kansas City Southern has abandoned its agreement to be acquired by Canadian Pacific, choosing instead a competing bid from Canadian National Railway with a bigger price tag, but also greater regulatory risks.

Canadian National Railway Co.’s proposal to acquire Kansas City Southern will be judged under stricter regulations adopted in 2001, the U.S. regulator said in an expected decision that lays the ground rules for what would be the first major rail merger in more than two decades.