(C) Common Dreams
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U.S. Approves $31 Billion Merger of Two Big Railroads [1]
['Niraj Chokshi', 'Mark Walker']
Date: 2023-03-15
A federal regulator on Wednesday approved a Canadian freight railroad’s plan to buy an American competitor, a $31 billion deal that will make the railroad the first to operate across North America.
In approving the deal, the regulator, the Surface Transportation Board, said the new single-line service would shift about 64,000 truckloads a year to rail from the roads, potentially enhancing safety and reducing carbon emissions, and add more than 800 union jobs in the United States. The Surface Transportation Board said the merger would not reduce competition.
“On balance, the merger of these two railroads will benefit the American economy and will be an improvement for all citizens in terms of safety and the environment,” Martin J. Oberman, the chairman of the five-member board, said at a news conference on Wednesday.
Under the merger plan, Canadian Pacific, the sixth-largest freight railroad by revenue operating in the United States, agreed to buy the next-largest carrier, Kansas City Southern. The combined railroad will not overtake the fifth-largest carrier, Canadian National.
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[1] Url:
https://www.nytimes.com/2023/03/15/business/canadian-pacific-kansas-city-southern-merger.html
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