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Group 1 - The merger proposal by Union Pacific and Norfolk Southern fails to demonstrate that it would enhance competition or provide significant public benefits, not meeting the merger rules established in 2001 and by the Surface Transportation Board (STB) [1] - The proposed merger would reduce transportation options for customers, creating a single entity controlling over 40% of the freight rail market in the United States, which could lead to increased prices and harm consumers due to lack of competition [2] - CN will actively participate in the STB process and encourages all stakeholders to voice their opinions to enhance competition [3] Group 2 - CN plays a crucial role in the economy by safely transporting over 300 million tons of natural resources, manufactured goods, and finished products across North America annually, utilizing a rail network of nearly 20,000 miles [4]

MONTREAL, Dec. 19, 2025 (GLOBE NEWSWIRE) -- The application filed this morning by Union Pacific and Norfolk Southern fails to demonstrate that the merger would enhance competition or generate significant public benefits that would require a merger. It falls well below both the 2001 and old merger rules set out by the Surface Transportation Board (STB). Protecting competition is not optional, it is essential to keep costs down and the economy sound. The fact is that this merger would reduce rail transportati ...

Core Viewpoint - Union Pacific and Norfolk Southern have filed a joint application for an $85 billion merger, aiming to create the first modern transcontinental railroad in the U.S. [1] Group 1: Merger Details - The merger application is approximately 7,000 pages long and argues that the deal will enhance competition by simplifying and standardizing pricing for shipments between the two networks [1] - The merger is expected to transform "tens of thousands" of interline lanes into single-line services, converting over 2 million truckloads of traffic to rail annually [3] Group 2: Competitive Advantage - A single-line service from the merger would allow railroads to compete more effectively with long-haul trucking, improving service reliability compared to interline services [2] - The combined companies anticipate reducing an estimated 2,400 daily rail car and container handlings, saving approximately 60,000 car miles per day, which could eliminate delays [3] Group 3: Regulatory Process - The Surface Transportation Board (STB) has 30 days to decide on the acceptability of the filing, followed by a 45-day window for public comments and a 90-day window for responsive applications if accepted [3] - The full review process for the merger is expected to extend into 2027 [4] Group 4: Opposition and Concerns - The Teamsters Rail Conference, representing nearly 20,000 workers from both railroads, has voiced opposition, stating that executives have not made commitments to protect union jobs [5]

At least one rival railroad is doubling down on its opposition to the transcontinental merger of Union Pacific and Norfolk Southern after the companies filed their former application with federal regulators Friday. “While we are still reviewing the [Surface Transportation Board] filing and will have more to say soon, what we have seen so far does not change BNSF’s opposition to the proposed merger,” said Chief Executive Katie Farmer, in a statement. “The transaction poses a significant threat to the U.S. ...

Union Pacific and Norfolk Southern on Friday filed a nearly 7,000page merger application with the U.S. Surface Transportation Board (STB), triggering a 30day period in which the regulator can seek m... ...

Summary of Union Pacific and Norfolk Southern Merger Conference Call Industry and Companies Involved - **Industry**: Rail Transportation - **Companies**: Union Pacific and Norfolk Southern Core Points and Arguments 1. **Merger Application Submission**: Union Pacific and Norfolk Southern submitted a comprehensive application to the Surface Transportation Board (STB) for merger approval, consisting of nearly 7,000 pages, highlighting the merger's potential benefits for stakeholders [3][4][5] 2. **Safety and Operational Excellence**: Both companies aim to lead the industry in safety, with Union Pacific expecting to end the year as the safest railroad and Norfolk Southern as the industry leader in mainline and community safety [4][6] 3. **Economic Impact**: The merger is positioned as a pivotal opportunity to enhance America's competitiveness, improve freight movement, and strengthen the U.S. supply chain by removing over 2 million truckloads from highways, thereby reducing emissions and road congestion [5][6] 4. **Customer Benefits**: The merger will provide customers with faster, more reliable single-line service, transforming 10,000 existing lanes from interline to single-line service, which will reduce delays and improve asset utilization [12][13] 5. **Job Creation**: The merger is expected to create approximately 900 new net union jobs by the end of the third year, with an annual pay and benefit package of $160,000, which is about 40% above the national industrial average [6][7] 6. **Market Share Dynamics**: The merger aims to reverse the decline in rail market share, which has decreased by nearly 10 points from 2014 to 2023, by converting approximately 75% of freight to rail from highways [9][10] 7. **Intermodal Growth**: The combined intermodal business is projected to grow by over 1.4 million annual loads, with new routes that significantly reduce transit times [15][16] 8. **Environmental Benefits**: The merger is expected to remove 2.7 million metric tons of carbon dioxide emissions annually, reinforcing rail as a more sustainable transportation option compared to trucks [38][39] 9. **Financial Projections**: The merger is projected to generate up to $2 billion in net revenue EBITDA synergies by the end of year three, with nearly $1 billion in cost-saving opportunities across various categories [41][42] 10. **Commitment to Competition**: The merger is designed to enhance competition, with commitments to preserve open gateways and provide competitive rates through committed gateway pricing [21][22] Other Important but Overlooked Content 1. **Operational Changes**: The merger will allow for significant operational changes, including rerouting traffic to reduce congestion, particularly in key areas like Chicago, which has historically been a bottleneck [72][74] 2. **Technology Integration**: Union Pacific plans to leverage its advanced technology systems to ensure seamless integration post-merger, maintaining service stability during the transition [31][32] 3. **Stakeholder Support**: The merger has garnered support from over 2,000 parties, including more than 500 shippers and 800 public officials, indicating broad industry backing [45][46] 4. **Phased Integration Approach**: The integration of the two companies will be executed in phases to minimize disruption and ensure reliability [30][32] 5. **Expert Analysis**: The merger's benefits have been validated by leading economists and rail experts, who have provided insights into the competitive and economic impacts of the transaction [36][37] This summary encapsulates the key points discussed during the conference call regarding the merger between Union Pacific and Norfolk Southern, emphasizing the anticipated benefits, operational changes, and the broader implications for the rail industry and the U.S. economy.

Norfolk Southern President and CEO Mark George highlighted the complementary nature of the two networks, explaining that the combination would bring together Union Pacific’s expansive western reach and Norfolk Southern’s access to eastern manufacturing and population centers in an end-to-end combination. The result would be a unified rail system capable of bridging the gap between East and West, allowing freight to bypass congested interchanges and take the fastest and most efficient, price-competitive rout ...

Merger Benefits - The merger of Union Pacific and Norfolk Southern aims to advance America's domestic manufacturing and economic growth[7] - The merger is projected to convert over 2 million annual truckloads from roads to rails[7] - Customers will benefit from a single network, faster routes, and single-line pricing[7] - Approximately 900 net new union jobs are expected to be created to handle volume growth[7] Operational Improvements - The integrated network will include six new premium intermodal lanes, with transit time savings of up to 20 hours on Southern California/Northeast lanes and up to 95 hours on Southern California/Southeast lanes[11] - The merger anticipates carload growth of 425,000 annual carloads in manifest, bulk, and auto, driven by single-line service in underserved markets[12] - The combined company plans a total of $2.1 billion in incremental integration capital to support growth and greater efficiency[16] - The merger expects to reduce 60,000 car-miles, 2,400 handlings, and 4,700 train-miles each day through optimized operating plans[15] Financial Synergies - The merger anticipates up to $2 billion in net revenue EBITDA synergies[20] - The merger anticipates approximately $1 billion in cost synergies[20] - The merger anticipates generating over $12 billion in annual free cash flow by Year 3[20]

Union Pacific and Norfolk Southern filed an application with the Surface Transportation Board requesting approval of their proposed merger. ...