E. Hunter Harrison, president and chief executive officer of CN, said: "CN commends the STB for issuing its decision approving our railroad transaction - a transaction that was subject to unprecedented scrutiny and stakeholder involvement. We are pleased that the Board has recognized the public-interest benefits of the transaction - the critical need for rail-congestion relief in the Chicago region - while mitigating the rail acquisition's impact on certain communities situated on the EJ&E.
"While we are pleased that the STB has approved the transaction, we are nonetheless disappointed that the STB has mandated significant additional mitigation beyond the recommendations provided in the Final Environmental Impact Statement issued by the STB's Section of Environmental Analysis with respect to the grade crossings in Lynwood and Aurora. We are carefully reviewing the STB's decision."
The STB's decision will become effective on Jan. 23, 2009. CN expects to be in a position to close on the transaction shortly thereafter.
CN and US Steel announced on Sept. 26, 2007, an agreement under which CN would acquire most of the EJ&E for $300 million, subject to regulatory approval by the STB.
