OTTAWA — Canadian National Railway Co. has sold its minority stake in New Zealand rail operator Tranz Rail Holdings Ltd. for $70-million, the Globe and Mail reports.
CN did not identify a buyer of its 23.7-per-cent stake in Tranz Rail, the country’s largest rail freight and interisland ferry operator. The 28.7 million Tranz Rail shares were acquired through CN’s takeover last October of Wisconsin Central Transportation Corp., a regional railway based in the U.S. Midwest.