CN will have to wait for U.S. ruling on EJ&E

Reuters

U.S. regulators have rejected a call by Canadian National Railway Co. for a ruling by the end of the year on its purchase of Elgin Joliet & Eastern Railway Co., but agreed to a limit on how long the review will continue. The Surface Transportation Board ruled yesterday that the environmental impact review of CN's planned purchase of the Chicago-area rail line will be completed between early December and the end of January, and it will issue a final decision as soon as possible after that. The ruling rejected calls by opponents for an extended review comment process. CN said it was studying the decision, but was pleased that the board agreed to limit the comment period during the review to 60 days. CNR (TSX) rose 61 cents to $54.40.