CN and City of Joliet approve agreement on CN acquisition First agreement with a municipality addresses quiet zones, grade crossing issues, and operations of the proposed transaction

25.08.08 - 21:56 ... source : Canadian National Railway Company

... CHICAGO, Aug. 25, 2008 — CN (TSX: CNR)(NYSE: CNI) said today that it has reached an agreement with the City of Joliet regarding CN's proposed acquisition of the major portion of the Elgin, Joliet & Eastern Railway Company (EJ&E). The agreement resolves the outstanding concerns the City of Joliet has related to quiet zones, operations, and communications surrounding the transaction. The conditions of the negotiations are contingent upon approval of CN's proposal to acquire control of the EJ&E, which is being considered by the federal Surface Transportation Board (STB). As stated in STB's Draft Environmental Impact Statement, the Board has encouraged voluntary agreements between CN and communities. "We believe this will be the first of many agreements between CN and the communiti ...» Next (HTML)