Core Viewpoint - The Surface Transportation Board (STB) rejected the UP-NS merger application as incomplete, 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 basic requirements by failing to provide necessary information in their initial filing, indicating that the application was missing critical components [1][2]. - A stronger record is essential for the STB to assess whether the proposed merger serves the public interest and enhances competition, as the applicants withheld information crucial for understanding potential competitive harms [2]. Group 2: Company Position and Future Participation - CN expressed appreciation for the STB's thorough review and looks forward to robust participation once UP and NS submit a complete application, encouraging customers to stay informed and participate in the process [2][3]. - The company has been a key player in the transportation sector, moving over 300 million tons of goods annually across a nearly 20,000-mile rail network, contributing to sustainable trade and community prosperity since 1919 [4].