DealsJul 22, 2026, 08:08 PM

CN secures competitive access, assets in Union Pacific/Norfolk Southern merger

AI Summary

Canadian National Railway (CN) and Union Pacific (UP) have signed a binding Memorandum of Understanding (MoU) to establish a framework for CN to gain competitive access related to the proposed Union Pacific-Norfolk Southern (NS) merger. This agreement preserves customer options, resolves rail terminal ownership issues, and expands CN's presence in the Midwest. In exchange for these benefits, CN will not oppose the merger between Union Pacific and Norfolk Southern, with both parties collaborating on the STB process.

Key Highlights

CN gains access to shipper facilities where Class I railroad options are reduced.
CN acquires Norfolk Southern's stakes in Kansas City Terminal Railway (KCT) and Terminal Railroad Association of St. Louis (TRRA).
CN obtains new Midwest access rights between Tuscola, Illinois, and East St. Louis, Illinois.
CN gains rights to serve customers between St. Louis, Missouri, and Kansas City, Missouri.
CN establishes a presence in Kansas City through Union Pacific's Neff Yard.
CN will not oppose the Union Pacific and Norfolk Southern merger.
The agreement is contingent on Surface Transportation Board (STB) approval and finalization of the UP/NS merger.

View SEC Filing

CNI

Railroads

CANADIAN NATIONAL RAILWAY CO

Price Impact