CN Statement on UP-NS STB Filing

Executive Summary

• CN publicly opposes the proposed Union Pacific–Norfolk Southern merger, stating it would reduce competition and increase freight rail prices.
• The company asserts that the merger fails to meet Surface Transportation Board (STB) criteria for enhancing competition or delivering public benefits.
• CN urges stakeholders to engage in the STB review process to protect competitive rail transportation options.

Key Details

• The application by Union Pacific and Norfolk Southern does not satisfy either the 2001 or older STB merger rules.
• CN highlights that the combined entity would control over 40 % of the U.S. freight rail market, potentially leading to higher prices for customers.
• CN commits to active participation in the STB proceeding and encourages broader stakeholder involvement.

Notable Quotes

“Protecting competition is not optional, it is essential to keep costs down and the economy sound.” – CN statement

Materiality Assessment: Non-Material – Neutral (the release provides a regulatory position without immediate financial or operational impact).