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  • CN Rail gets approval for BC Rail takeover 07/02

  • Discussion relating to the Canadian National, past and present. Also includes discussion of Illinois Central and Grand Trunk Western and other subsidiary roads (including Bessemer & Lake Erie and the Duluth, Missabe & Iron Range Railway). Official site: WWW.CN.CA
Discussion relating to the Canadian National, past and present. Also includes discussion of Illinois Central and Grand Trunk Western and other subsidiary roads (including Bessemer & Lake Erie and the Duluth, Missabe & Iron Range Railway). Official site: WWW.CN.CA

Moderators: Komachi, Ken V

 #31199  by DutchRailnut
 
Reuters
UPDATE - CN Rail gets approval for BC Rail takeover
Friday July 2, 2:37 pm ET
By Allan Dowd


(Adds new details, background. Previous TORONTO)
VANCOUVER, British Columbia, July 2 (Reuters) - Canada's Competition Bureau gave the green light on Friday to Canadian National Railway Co.'s (Toronto:CNR.TO - News) controversial C$1 billion ($760 million) takeover of BC Rail's operations, officials said.

Canadian National expects to close the deal with the British Columbia government in mid-July. BC Rail is Canada's third largest railway, and one of North America's last mid-size railways to remain independent or government owned.

The bureau required CN to give BC Rail's customers direct access to rivals Canadian Pacific Railway Ltd.(Toronto:CP.TO - News), Union Pacific Corp.(NYSE:UNP - News), and Burlington Northern Santa Fe Corp. (NYSE:BNI - News). The three firms also exchange freight traffic with BC Rail in Vancouver.