98-4048. IMC Global Inc.Acquisition of Control ExemptionTrona Railway Company and Hutchinson & Northern Railway Company  

  • [Federal Register Volume 63, Number 32 (Wednesday, February 18, 1998)]
    [Notices]
    [Page 8253]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 98-4048]
    
    
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    DEPARTMENT OF TRANSPORTATION
    
    Surface Transportation Board
    [STB Finance Docket No. 33547]
    
    
    IMC Global Inc.--Acquisition of Control Exemption--Trona Railway 
    Company and Hutchinson & Northern Railway Company
    
        IMC Global Inc. (IMC),1 a publicly-held company 
    headquartered in Illinois, has filed a notice of exemption to acquire 
    control of Trona Railway Company (Trona), a Class III rail carrier 
    operating in California, and Hutchinson & Northern Railway Company 
    (H&N), a Class III rail carrier, operating in Kansas, as part of its 
    acquisition of Harris Chemical Group, Inc. (Harris), a privately-owned 
    Delaware corporation headquartered in New York, which is the corporate 
    parent of Trona and H&N.
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        \1\  IMC states that it is a noncarrier and that it controls no 
    railroads operating in the United States.
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        IMC's acquisition of Harris will be accomplished through a merger 
    of IMC's subsidiary, IMC Merger Sub Inc. (Newco), with and into Harris, 
    which controls, among other companies, the North American Chemical 
    Company (NACC), which holds all of the outstanding shares of Trona, and 
    the North American Salt Company (NASC), which holds all of the 
    outstanding shares of N&H. Harris will continue, under the name IMC 
    Inorganic Chemicals Inc., as the surviving corporation and wholly owned 
    subsidiary of IMC, and the corporate existence of Newco will cease.
        IMC intends to consummate this transaction within 60 days of the 
    February 4, 1998 filing date of this notice of exemption, but not 
    earlier than the February 11, 1998 effective date of the exemption.
        IMC states that: (1) These railroads do not connect with each 
    other; (2) the acquisition of control is not part of a series of 
    anticipated transactions that would connect the railroads with each 
    other or any railroad in its corporate family; and (3) the transaction 
    does not involve a Class I rail carrier. The transaction therefore is 
    exempt from the prior approval requirements of 49 U.S.C. 11323. See 49 
    CFR 1180.2(d)(2).
        Under 49 U.S.C.10502(g), the board may not use its exemption 
    authority to relieve a rail carrier of its statutory obligation to 
    protect the interests of its employees. Section 11326(c), however, does 
    not provide for labor protection for transactions under sections 11324 
    and 11325 that involve only Class III railroad carriers. Because this 
    transaction involves Class III rail carriers only, the Board, under the 
    statute, may not impose labor protective conditions for this 
    transaction.
        If the notice contains false or misleading information, the 
    exemption is void ab initio. Petitions to revoke the exemption under 49 
    U.S.C. 10502(d) may be filed at any time. The filing of a petition to 
    revoke will not automatically stay the transaction.
        An original and 10 copies of all pleadings, referring to STB 
    Finance Docket No. 33547, must be filed with the Surface Transportation 
    Board, Office of the Secretary, Case Control Unit, 1925 K Street, N.W., 
    Washington, DC 20423-0001. In addition, a copy of each pleading must be 
    served on: Donald H. Smith, Sidley & Austin, 1722 Eye Street, N.W., 
    Washington, DC 20006.
    
        Decided: February 10, 1998.
    
        By the Board, David M. Konschnik, Director, Office of 
    Proceedings.
    Vernon A. Williams,
    Secretary.
    [FR Doc. 98-4048 Filed 2-17-98; 8:45 am]
    BILLING CODE 4915-00-P
    
    
    

Document Information

Published:
02/18/1998
Department:
Surface Transportation Board
Entry Type:
Notice
Document Number:
98-4048
Pages:
8253-8253 (1 pages)
Docket Numbers:
STB Finance Docket No. 33547
PDF File:
98-4048.pdf