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Canadian National Railway (TSX:CNR) says it will seek unspecified "legal relief" to enable it to salvage the proposed $300 million purchase of the Elgin, Joliet & Eastern Railway from U.S. Steel by the end of the year . The Montreal-based railway said Wednesday it will pursue legal action because a review by the Surface Transportation Board, which regulates the U.S. rail industry, may not be completed in time to get final approval by Dec. 31. Canada's largest railway hopes to buy the 320-kilometre Elgin, Joliet line that arcs around Chicago by the end of the year. CN says the purchase would enable its trains to avoid congested Chicago tracks, but 30 communities along the regional line fear that will lead to increased freight-train traffic. Canadian National wants the Surface Transportation Board to approve the $300 million sale soon. And it announced Wednesday that it'll take unspecified legal action to make that happen.
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