(The Associated Press circulated the following on September 30.)
SIOUX FALLS, S.D. — Dakota, Minnesota and Eastern Railroad President Kevin Schieffer says today’s Surface Transportation Board approval of the DM&E’s sale to the Canadian Pacific Railway Corporation clears the way for the CP to become involved in day-to-day operations.
Schieffer says he doesn’t expect the merger will result in any layoffs of the 1,000-plus employees of DM&E and its subsidiary, the Iowa, Chicago & Eastern Railroad Corporation.
There’s a 30-day appeal period, but Schieffer says he doesn’t think that will change anything.
Last year, the parties finalized the sale, worth nearly one and a half billion dollars. It was subject to the STB decision — which was announced today.
The CP isn’t saying yet whether it will continue the DM&E’s plans to build a new line into Wyoming coal fields and ship coal east.