Canadian National to buy EJ&E |
| Chicago Tribune - Sep 27, 2007 |
Seeking to sidestep Chicago's notorious rail congestion, Canadian National Railway Co. on Wednesday agreed to pay $300 million to acquire most of the Elgin, Joliet and Eastern Railway Co., a regional line that rings the metropolitan area.
The deal, which Canadian National said "fills the last gap" in its trans-Chicago network, is designed to let the company bypass much of the urban rail traffic that has long served as a choke point for railroad operators.
A spokesman said the company hopes the acquisition will allow Canadian National to eventually vacate an existing downtown route known as the St. Charles Air Line, which has long been the source of friction between the railroad and local residents and developers.
Read Full Article from Chicago Tribune
- Posted: 2007-09-27 09:51:38
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