Surface Transportation Board Approves Canadian NationalAcquisition of Great Lakes Transportation, LLC. Carriers

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>From the Surface Transportation Board, Washington, D.C.
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Surface Transportation Board Chairman Roger Nober today announced the
approval, subject to conditions, of the application of Canadian National
Railway Company and Grand Trunk Corporation (CN) to acquire three railroads
currently controlled by Great Lakes Transportation, LLC:  the Duluth,
Missabe and Iron Range Railway Company (DMIR), the Bessemer and Lake Erie
Railroad Company, and The Pittsburgh & Conneaut Dock Company.  The
acquisition of a fourth affiliated water carrier, Great Lakes Fleet, Inc.,
is regulated by other federal agencies.



In announcing the decision approving the merger, Chairman Nober said:

"This minor transaction connects two transportation systems that do not
compete, but complement each other, and will improve rail transportation in
this part of the Great Lakes region.  I expect CN will work hard to
integrate the companies smoothly so that shippers in the region receive
quality service."



In approving the application, the Board imposed a number of conditions on
the transaction, including:

-Imposing a one-year period of Board oversight over the transaction;

-Requiring CN to keep all existing active gateways open;

-Requiring CN to waive its defenses regarding rate regulation on bottleneck
line segments created by the transaction; and

-Requiring CN to adhere to the terms of the settlement reached with The
Burlington Northern and Santa Fe Railway Company regarding potential
construction of build-outs;

-Requiring CN to address certain concerns raised by some shippers about the
change in the competitive balance where CN and DMIR operate parallel lines;

-Imposing the agreement between CN and labor unions that required standard
New York Dock labor protections, but did not require employees whose jobs
were transferred to Canada to move to Canada to qualify for those
protections; and

-Requiring CN to continue to cooperate with the Federal Railroad
Administration in implementing the Final Safety Integration Plan.

The Board's decision was issued today in the case entitled Canadian
National Railway Co. and Grand Trunk Corp. - Control - Duluth, Missabe and
Iron Range Railway, Co., Bessemer and Lake Erie Railroad Co., and the
Pittsburgh & Conneaut Dock Co.,STB Finance Docket No. 34424, Decision No.
7.  A printed copy of the decision is available for a fee by contacting
ASAP Document Solutions, 9332 Annapolis Road, Suite 103, Lanham, MD 20706,
telephone (301) 577-2600, or via asapmd@xxxxxxxxxxxx   The decision also is
available for viewing and downloading via the Board's website at
http://www.stb.dot.gov.
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