[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