CN Files Motion to Force Disclosure in UP-NS Merger Review

Core Viewpoint - CN has filed a motion with the Surface Transportation Board (STB) to request additional information regarding the proposed merger between Union Pacific and Norfolk Southern, highlighting that the applicants have not adequately assessed the competitive harms of the merger [1][2]. Group 1: Gaps in the Original Application - The original application has several shortcomings, including incomplete market analyses, as the applicants did not disclose the methodology and data supporting their claim of only three 2-to-1 shippers [4]. - Missing projections for market shares by revenues and traffic volumes were noted, undermining the traffic inputs for the applicants' Operating Plans [4]. - The network map provided by the applicants was incomplete, failing to depict certain trackage and haulage rights, which misrepresented the transaction as "end-to-end" [4]. - The applicants did not propose any competitive enhancements, which is a basic regulatory requirement, leading to the conclusion that their application should be deemed incomplete [4]. Group 2: Importance of Transparency - CN emphasizes the need for the applicants to meet the highest standards of transparency and compliance, arguing that the undisclosed information is critical for understanding the anticipated competitive harms [2]. - The company calls for a transparent discussion about the merger's impact on competition, rather than downplaying the issues [2].