Transportation Industry
STB approves CN acquisitions
Railway Age, May, 2004
The Surface Transportation Board has conditionally approved CN's purchase of three railroads controlled by Great Lakes Transportation LLC: Duluth, Missabe & Iron Range, Bessemer & Lake Erie, and Pittsburgh & Conneaut Dock Co. A fourth carrier involved in the $380 million transaction, Great Lakes Fleet Inc., is regulated by other federal agencies.
STB said its conditions include requirements that CN keep all existing gateways open and "waive its defenses regarding rate regulation on bottleneck line segments created by the transaction."
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