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9/24/2003



Rail News: M&A

British Columbia receives three BC Rail bids


On Sept. 15, British Columbia's government received BC Rail Ltd. takeover bids from Canadian National Railway Co., Canadian Pacific Railway and a Burlington Northern Santa Fe/OmniTRAX Inc. partnership. RailAmerica Inc. — the only other short-listed bidder — decided not to submit a proposal.

The bids address the 1,400-mile regional's sustainability, competitiveness, growth opportunities and benefits to local communities. Although the winning bidder will assume control of BC Rail's operations and management, the regional's rail beds, rights of way and track will remain provincially owned.

A provincial evaluation committee expects to choose the winning proposal by month's end. British Columbia plans to finalize a public/private agreement by year end or in early 2004.


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