Canadian National, Illinois Central Consummate Second-Step Merger.MONTREAL--(BUSINESS WIRE)--June 4, 1998--(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. ) (NYSE:IC) 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) and Illinois Central Corporation (IC) announced today the consummation of the second-step merger of IC and a wholly-owned subsidiary of CN. The IC stockholders have consented to the merger; therefore, the remaining 25 per cent of the outstanding IC common shares that CN did not acquire in its tender offer (completed March 13, 1998) will be exchanged for CN common shares. Under the agreement, each IC share will be converted into 0.633 CN share. The necessary documentation to effect the share exchange will be mailed to IC stockholders within the next few days by Harris Trust Company of New York, the exchange agent for the transaction. CN's acquisition of control of IC is subject to approval by the United States Surface Transportation Board, which is expected in the first half of 1999. CN 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. IC is a holding company whose principal subsidiaries are the 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. , a 2,600-mile system from Chicago south 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 , and the 850-mile Chicago Central system west of Chicago through Iowa.
CONTACT: Canadian National Railway Company
Robert Noorigian (Investors), 514/399-0052
or
Canadian National Railway Company
Mark Hallman (Media), 416/217-6390
or
Illinois Central
Ann Thoma, 312/755-7591
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