CN Sells Stake in Tranz Rail for Proceeds of C$70 Million.Business Editors MONTREAL--(BUSINESS WIRE)--Feb. 20, 2002 Canadian National (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. ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CNR) announced today it has sold all of its 23.7 per cent stake in Tranz Rail Holdings Ltd. (Tranz Rail) for approximate proceeds of C$70 million. Tranz Rail is New Zealand's leading commercial rail freight and inter-island ferry operator. The sale of 28,684,918 Tranz Rail shares was managed by JB Were (NZ) Ltd. CN's investment in Tranz Rail was acquired through its acquisition of Wisconsin Central Transportation Corporation (WC) on Oct. 9, 2001. The sale of the Tranz Rail shares will not affect CN's income statement because the shares were classified as "available for sale" as part of the purchase accounting treatment of the WC acquisition. 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 spans Canada and mid-America, from the Atlantic and Pacific oceans to 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 , serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key cities of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, Jackson, Miss., with connections to all points in North America. |
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