Chicago Rail Deal Advances, but Time Crunch Looms

Updated Dec. 26, 2008 12:01 a.m. ET

Canadian National Railway Co. won federal approval Wednesday for its controversial plan to buy a suburban Chicago rail line, a purchase that would enable the company's trains to bypass a city notorious for its rail bottlenecks.

The Surface Transportation Board voted 3-0 to approve the deal. But because the board's ruling doesn't become effective for 30 days, it remained unclear whether Canadian National can complete the proposed...

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