Core Viewpoint - The Surface Transportation Board (STB) has rejected the merger application between Union Pacific (UP) and Norfolk Southern (NS) due to incompleteness, emphasizing the need for full and transparent disclosure in such significant transactions [1][2]. Group 1: Merger Application Details - The STB found that UP and NS did not meet the basic requirements for their merger application, lacking essential information in their initial filing [1]. - The decision highlights that a merger of this magnitude cannot be evaluated based on incomplete information and must adhere to heightened standards under new merger rules [1][2]. Group 2: Implications for Competition - A stronger and complete application will enable the STB to assess whether the proposed merger serves the public interest and enhances competition [2]. - The STB noted that the applicants had withheld critical information necessary for understanding potential competitive harms, which is vital for the Board's analysis [2]. Group 3: Company Background - CN operates a nearly 20,000-mile rail network, transporting over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [4]. - The company has been contributing to sustainable trade and community prosperity since its establishment in 1919 [4].