CBC Newsworld November 25th, 2003 VANCOUVER Canadian National Railway will pay the British Columbia government $1 billion in cash to acquire publicly-owned BC Rail Ltd., the company said. B.C. Premier Gordon Campbell confirmed the sale on Tuesday, going against a 2001 election campaign promise not to sell the railway. CN will pick up the shares of Canada's third-largest rail company along with the right to operate on BC Rail's roadbed under a renewable 60-year lease. The roadbeds will remain in public hands, while CN will take over rail transportation and maintenance. "Purchasing the BC Rail franchise is a strategically important initiative for CN, one that will strengthen our forest products business and that has significant scope for shareholder value creation," CN president and CEO Hunter Harrison said.