CN frustrated in Illinois Central bid

Article Abstract:

Canadian National Railway Co. has suffered a setback as it fails in a bid for fast-track approval of its $2.4-billion takeover of Illinois Central Corp. The US Surface Transportation Board is unexpected to rule on the purchase until middle of June 1999, while needed approvals are unlikely to take that long. CN CEO Paul Tellier has expressed considerable frustration in recent months concerning the regulatory delays in gaining the approval. The board is asking for adequate time to assess the impact of any impending mergers, as it starts imposing stringent conditions to ensure the public gets fair and sufficient railway transportation.

Comment:

Suffers a setback as it fails in a bid for fast-track approval of its $2.4-billion takeover of Illinois Central Corp.

Canadian National Railway Co., Article

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CN merger faces critical hurdle

Article Abstract:

The Surface Transporation Board will conduct a hearing on the Montreal, Quebec-based Canadian National Railway Co's proposed $2.4-billion acquisition of Illinois Central Corp. CN is seeking approval of the deal that would result in a 30,000-km, Y-shaped railway stretching from the Atlantic to the Pacific, and down to the Gulf Coast and Mexico. However, the deal is being opposed by various sectors on fear that CN will abuse its near-monopoly control of the railway.

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