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SURFACE TRANSPORTATION BOARD APPROVES CANADIAN PACIFIC RAILWAY'S ACQUISITION OF CONTROL OF THE DAKOTA, MINNESOTA & EASTERN RAILROAD, SUBJECT TO CONDITIONS




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>From the Surface Transportation Board, Washington, D.C.
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The Surface Transportation Board announced today that it has approved the
proposed acquisition of control by the Canadian Pacific Railway Corporation
(CPRC), and its indirect subsidiary, the Soo Line Holding Company (Soo
Holding) (collectively, "Applicants") of the Dakota, Minnesota & Eastern
Railroad Corporation (DM&E) and its wholly owned railroad subsidiary, the
Iowa, Chicago & Eastern Railroad Corporation (IC&E), subject to a number of
Board-imposed conditions.


 In reaching its decision, the Board found that:  the proposal encompasses
 minimal operational overlap among the involved railroads; no shipper will
 lose the option of competitive rail services as a direct result of the
 transaction; the transaction will not result in either a substantial
 lessening of competition, the creation of a monopoly, or a restraint of
 trade in freight surface transportation in any region of the United
 States; and any minor, geographical competitive effects that may flow from
 the transaction are outweighed by its public-interest benefits.


 In approving the transaction, the Board also addressed the potential
 environmental impacts of future coal train movements over the lines
 operated by CPRC and/or IC&E if CPRC decides to construct the new rail
 line into the Powder River Basin authorized in Dakota, Minnesota & Eastern
 Railroad Corporation Construction into the Powder River Basin, STB Finance
 Docket No. 33407.  The Board held that CPRC and Soo Holding may not
 transport over CPRC's and/or IC&E's rail lines any coal originating on the
 new Powder River Basin line until the agency has prepared an Environmental
 Impact Statement addressing the environmental impacts of those movements
 and issued a final decision allowing such operations to begin.


 The Board also imposed a condition continuing the ongoing "Safety
 Integration Plan" review process as well as standard labor-protective
 conditions.


 The Board issued its decision approving the Applicants' control of DM&E
 and IC&E today, September 30, 2008, in Canadian Pacific Railway Company,
 et al.âControlâDakota, Minnesota & Eastern Railroad Corp., et al., STB
 Finance Docket No. 35081(
 http://www.stb.dot.gov/decisions/readingroom.nsf/WebDecisionID/39346?OpenDocument
 )
 .  That decision is available for viewing and downloading via the Board's
 Web site at http://www.stb.dot.gov, under "E-Library," then under
 "Decisions & Notices," beneath the date "9/30/08."


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