Federal board approves Canadian Pacific merger
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(AP) - The federal Surface Transportation Board has approved the Canadian Pacific Railway Corp.'s proposed acquisition of the Sioux Falls-based Dakota, Minnesota and Eastern Railroad.
The approval was granted with a number of conditions imposed by the STB.
The board says the proposal involves minimal operational overlap among the railroads, no shipper will lose the option of competitive rail services as a result of the transaction, and it won't result in the creation of a monopoly.
The STB also says the railroad can't transport any coal originating on a proposed Powder River Basin line until an environmental impact statement is prepared.
The DM&E wants to build new track to the Wyoming coal fields and ship coal east.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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