1 reply to this topic

[CNJRoss]

CN news release

 

CN and Watco Announce Surface Transportation Board Approval of the Sale of Rail Lines in Wisconsin and Michigan

 

 

MONTREAL, Dec. 21, 2021 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and Watco are pleased to announce that the United States Surface Transportation Board (STB) has approved the sale of non-core lines and assets on approximately 650 miles of branch lines of Wisconsin Central Ltd. in Wisconsin and Michigan. This marks an important step toward the successful conclusion of the sale process that CN announced and launched in July of 2020, which also includes the sale of the Soo subdivision (approximately 250 miles of track) that runs from Sault Ste. Marie, Ontario to Oba, Ontario.

 

CN and Watco will work together in the coming weeks to implement a seamless transition for customers on the lines.

 

After closing, CN will continue to play a central role in Wisconsin and Michigan, as the transferred segments will remain connected to CN’s tri-coastal network, safely and reliably linking businesses to markets around the world. CN is committed to building the railway of the future -- a railroad that creates value for its shareholders by truly serving the needs of its customers.

 

 

[CNJRoss]

Progressive Railroading,  12/21/21

 

STB approves Watco purchase of Wisconsin, Michigan rail lines; Begeman moves on

 

The Surface Transportation Board (STB) yesterday approved the sale of 652 miles of rail lines in Wisconsin and Michigan from CN-controlled Wisconsin Central Ltd. to Watco Holdings Inc. and two of its subsidiaries.

 

In April, Watco applied to the STB for a series of exemptions to acquire the rail lines. After considering comments received in favor and opposed to the proposed acquisition, the STB determined that “the issues raised do not demonstrate regulation is necessary to carry out the rail transportation policy” and that it’s appropriate for Watco to acquire the lines, board officials said in a press release.

 

The sale also includes CN’s Soo subdivision, which entails about 250 miles of track that runs from Sault Ste. Marie to Oba, Ontario.

 

SNIP

 

Meanwhile, the STB also announced yesterday that board member Ann Begeman's last day with the agency was Dec. 17, following the appointment and U.S. Senate confirmation of new board member Karen Hedlund.

 

More here.