1.   Analysts said the structuring of the deal, which gives a majority of top management posts to Canadian National officials, satisfies protectionist laws in Canada.

2.   In the past, Canada was able to protect its so-called cultural industries with subsidies and protectionist laws.

3.   Levitt said other companies will now look at the effect of protectionist national laws on their earnings.

4.   The decision, the state said, ignores the fact that the Commerce Clause was designed to bar protectionist state laws that discriminate against businesses in other states.

5.   The European Court of Justice ruled that companies can claim damages from national governments when protectionist laws conflict with European Union rules, causing loss of earnings.