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Industry: Email Alert RSS FeedCN and BNSF Call Off Proposed Merger.(Canadian National Railway Company; Burlington Northern Santa Fe Corporation)(Brief Article)
Chemical Market Reporter, July, 2000
Deal stumbles as result of US moratorium on further rail consolidation. CANADIAN NATIONAL Railway Company and Burlington Northern Santa Fe Corporation have agreed to terminate their proposed merger because of a US moratorium on major rail mergers that would have delayed the process by more than two years.
"We have concluded it is not in the interests of our shareholders to assume the risks involved in waiting up to two-and-a-half years for a decision on our transaction by the regulatory in the US," CN Rail's president and CEO Paul Tellier and BNSF chairman and chief executive Robert Krebs said in a joint statement. The Surface Transportation Board imposed a 15-month moratorium on new rail mergers in March in order to draft new guidelines to...
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