Media Kit » Try RailPrime™ Today! »
Progressive Railroading
Newsletter Sign Up
Stay updated on news, articles and information for the rail industry

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

View Current Digital Issue »


Rail News Home M&A


Rail News: M&A

North Vancouver officials to provincial magistrate: 'Stop sale of BC Rail'


On Sept. 8, the City of North Vancouver passed a resolution calling on British Columbia's government to halt the proposed sale of BC Rail Ltd. and develop a process — involving affected communities and labor unions — to ensure the railroad continues to be publicly owned.

"The provincial government's own internal documents suggest one-half to two-thirds of [city] jobs will be lost if BC Rail is sold to a private corporation," city officials state in the resolution.

BC Rail earned $76.8 million in operating profit last year and is expected to earn about $80 million in 2003, as well as $120 million in net income during the next three years, city officials said.

In July, British Columbia short-listed four companies to submit final proposals detailing plans to assume the 1,400-mile regional's operation and management: Canadian Pacific Railway, Canadian National Railway Co., RailAmerica Inc. and a Burlington Northern Santa Fe/OmniTRAX Inc. joint venture.

A provincial evaluation committee expects to choose a finalist in late September or October. British Columbia plans to negotiate a public/private agreement by year end.

Contact Progressive Railroading editorial staff.

More News from 9/10/2003