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Canadian Pacific Railway officials can circle Sept. 30 on next year's calendar. That's the day the Surface Transportation Board (STB) will issue a final decision on the Class I's application to control the Dakota, Minnesota & Eastern Railroad Corp. (DM&E).
Yesterday, the board announced it accepted CPR's application and adopted a procedural schedule for the transaction under which — per an agreement reached in September — CPR would acquire the 2,500-mile DM&E and its Iowa, Chicago & Eastern Railroad Corp. subsidiary for $1.5 billion. The STB considers the deal a major transaction.
Per the procedural schedule:
• parties planning to participate in the proceeding must file a notice of intent by Jan. 25;
• proposed safety integration plans must be filed with the STB's Section of Environmental Analysis and Federal Railroad Administration by Feb. 4;
• all responsive applications, requests for conditions and other evidence and arguments, including filings with the U.S. Departments of Justice and Transportation, are due March 4;
• various responses, requests for conditions and other opposition filings are due April 18, April 25 and May 19;
• final briefs are due July 2;
• a final decision will be rendered on Sept. 30; and
• the final decision will take effect Oct. 30.
12/28/2007
Rail News: Rail Industry Trends
STB accepts CPR's application to control the DM&E, sets procedural schedule
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Canadian Pacific Railway officials can circle Sept. 30 on next year's calendar. That's the day the Surface Transportation Board (STB) will issue a final decision on the Class I's application to control the Dakota, Minnesota & Eastern Railroad Corp. (DM&E).
Yesterday, the board announced it accepted CPR's application and adopted a procedural schedule for the transaction under which — per an agreement reached in September — CPR would acquire the 2,500-mile DM&E and its Iowa, Chicago & Eastern Railroad Corp. subsidiary for $1.5 billion. The STB considers the deal a major transaction.
Per the procedural schedule:
• parties planning to participate in the proceeding must file a notice of intent by Jan. 25;
• proposed safety integration plans must be filed with the STB's Section of Environmental Analysis and Federal Railroad Administration by Feb. 4;
• all responsive applications, requests for conditions and other evidence and arguments, including filings with the U.S. Departments of Justice and Transportation, are due March 4;
• various responses, requests for conditions and other opposition filings are due April 18, April 25 and May 19;
• final briefs are due July 2;
• a final decision will be rendered on Sept. 30; and
• the final decision will take effect Oct. 30.
