Montreal Quebec - Canadian National says Canadian Pacific Kansas City missed two deadlines when it asked federal regulators to give CN's proposed acquisition of Iowa Northern Railway a more thorough review.
 
The Surface Transportation Board on 29 Feb 2024 designated the acquisition as a minor transaction.
 
CPKC on 1 Mar 2024 asked the board to consider the US$230 million deal a significant transaction that would require a longer and more rigorous regulatory review.
 
But CN points out that CPKC filed its comments six days late, and hours after the STB was required to submit its merger classification decision for publication in the Federal Register.
 
CN, in a filing today, also says that CPKC's objections don't meet the standard for the board to reconsider its decision, and that the STB was correct in determining the deal is a minor transaction.
 
The STB must approve minor transactions unless it finds a merger would harm competition.
 
CN says acquisition of the 218 mile Iowa Northern will boost rail competition, divert freight off the highway, and give Iowa shippers broader access to single-line service.
 
CPKC and regional Iowa Interstate say CN's acquisition of the Iowa Northern would stifle competition in the Hawkeye State.
 
Bill Stephens.