Tranz Rail divestment still on cards

Canadian rail group Canadian National has announced a US$1.2 billion merger-by-acquisition with Wisconsin Central, which currently holds around 24% of Tranz Rail.

Canadian National says it expects Wisconsin Central to carry out its commitment to sell its minority equity investments in overseas rail ventures "as soon as possible".

Wisconsin Central announced in November that is was looking to sell its stake in Tranz Rail along with another major shareholder Pacific Rail, which has a 14% stake in the company.

Last October Tranz Rail announced plans to sell non-core assets, including passenger rail services, to concentrate on its interisland ferries and rail freight business.

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