Canadian Pacific Buys Dakota, Minnesota & Eastern Railroad

Canadian Pacific Railway plans to purchase Dakota, Minnesota & Eastern Railroad for $1.48bn.

Dakota, Minnesota & Eastern is the largest regional rail line in the United States.

Canadian Pacific says the cost of the purchase could rise by up to $1bn, depending on construction costs for a project in Wyoming and future payments related to coal deliveries.

The deal, which is subject to approval by the US Surface Transportation Board, is expected to be completed within two months.