CN SELLS STAKE IN TRANZ RAIL
Canadian National has sold its 23.7 percent stake in Tranz Rail Holdings Ltd. for about C$70 million (about $40 million). Tranz Rail is one of New Zealand’s largest commercial rail freight and inter-island ferry operators.
CN’s investment in Tranz Rail came with its acquisition of Wisconsin Central Transportation Corp. on Oct. 9.
“The sale of the Tranz Rail shares will not affect CN’s income statement because the shares were classified as ‘available for sale’ as part of the purchase accounting treatment of the WC acquisition,” CN said.
