Groups urge halt to CN-IC merger
Article Abstract:
A number of local governments and powerful companies have asked US regulatory authorities to stop the proposed $2.4 billion merger of Canadian National Railway Co (CN) and Illinois Central Corp. The concerned parties, which include the governments of Windsor, Ontario, Detroit, MI, and Michigan as well as Canadian Pacific Railway Co and General Motors Corp, are opposing the merger unless CN sells its stake in the transborder railway tunnel beneath the Detroit River. Critics say the merger will give CN a monopoly on the shipment of large railway cars on the corridor that runs from Detroit and Chicago through Toronto to Montreal.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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CN completes takeover stock swap
Article Abstract:
Canadian National Railway Co. has concluded the stock-swap procedure of the company's purchase of Illinois Central Corp. Under the stock-swap deal, Canadian National intends to issue shares numbering between 11.1 million and 17.2 million. However, the two companies must secure the approval by the US Surface Transportation Board in order to completely realize their planned merger. The transportation board, which supervises railways in the US, is anticipated to decide on the Canadian National-Illinois Central deal in the first six months of 1999.
Comment:
Completes the stock-swap procedure of this co's purchase of Illinois Central Corp
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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