CN, IC and BNSF Reach Agreement Concerning Proposed CN/IC Merger.MONTREAL AND FORT WORTH, TEXAS--(BUSINESS WIRE)--Oct. 30, 1998-- CN(ME:CNR.) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CNR.) (NYSE NYSE See: New York Stock Exchange :CNI (1) (Certified NetWare Instructor) See Novell certification. (2) (Coalition for Networked Information, Washington, DC, www.cni.org) A partnership of the Association of Research Libraries, CAUSE and EDUCOM, founded in 1990. ) IC(NYSE:IC) BNSF BNSF Burlington Northern Santa Fe Corporation (railroad) (NYSE:BNI BNI Business Network International BNI Business Networking International BNI Bank Negara Indonesia BNI Bechtel National, Inc. BNI British Nursing Index BNI Barrow Neurological Institute (Phoenix, AZ) ) Canadian National Railway Company Canadian National Railway Company (NYSE: CNI, TSX: CNR) is a Canadian rail transportation company that operates the Canadian National Railway. It was created in December, 1918 as a Crown corporation of the Government of Canada to nationalize several bankrupt rail systems (CN), Illinois Central Railroad Illinois Central Railroad (IC) former U.S. railroad founded in 1851 that merged with the Canadian National Railway Co. (CN) in 1999. After receiving its charter in 1851, the Illinois Central Railroad built its first line from Galena to Cairo, Ill. Company (IC) and The Burlington Northern and Santa Fe Railway Company (BNSF) have reached agreement on outstanding issues in connection with the proposed CN/IC merger. The agreement, which is subject to U.S. Surface Transportation Board (STB) approval of the CN/IC transaction, contains three major provisions: - CN has agreed to provide a guaranteed level of haulage service for the direct transfer of BNSF freight traffic from BNSF's yard in Surrey, B.C., to the BC Rail Ltd. interchange track in North Vancouver, B.C.; - CN/IC will permit BNSF to construct and utilize a crossing of CN/IC's Iowa line in Chicago, while BNSF will permit CN/IC to build across BNSF property in the same area of Chicago for the purposes of constructing a line connection; - CN/IC and BNSF have agreed to amend, and consider further changes in, the 1997 BNSF-IC voluntary marketing agreement under which IC moves BNSF traffic between Effingham, Ill., located about 175 miles (280 kilometres) south of Chicago, and Memphis, Tenn. In recognition of the settlement agreement, BNSF has agreed not to oppose the CN/IC transaction before the STB. BNSF had previously stated its intention to seek certain conditions to STB approval of the CN/IC merger application. CN announced Oct. 28 that it had reached agreement with CSX Corporation and its rail company on outstanding issues concerning the proposed CN/IC merger. Canadian National Railway Company (NYSE: CNI; TSE/ME: CNR) serves all of Canada and the U.S. Midwest, including the ports of Vancouver, Montreal and Halifax, and the key cities of Toronto, Chicago, Detroit and Buffalo, with connections to all points in North America. Illinois Central Railroad Company, the principal subsidiary of Illinois Central Corporation, has a rail network consisting of approximately 3,370 route-miles (5,390 route-kilometres) of track running north-south between Chicago and the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , and east-west between Chicago and Nebraska and Iowa. The Burlington Northern and Santa Fe Railway Company is the principal subsidiary of Burlington Northern Santa Fe Corporation (NYSE: BNI). Headquartered in Fort Worth, Tex., BNSF operates one of the largest rail networks in North America with 34,000 route miles (54,400 route-kilometres) of track covering 28 states and two Canadian provinces. |
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