Core Viewpoint - The merger application filed by Union Pacific (UP) and Norfolk Southern (NS) is under review by the Surface Transportation Board (STB), and its acceptance is not guaranteed [1][2][3] Group 1: Merger Application Review - Canadian Pacific Kansas City (CPKC) has received the UP-NS merger application and will review it thoroughly [1] - The STB must decide by January 18, 2026, whether to accept or reject the application based on its completeness [1] - If accepted, the STB's public interest review will consider a wide range of concerns, indicating that approval is not inevitable [2] Group 2: Implications of the Merger - The proposed UP-NS merger is unprecedented and could significantly alter the U.S. rail network, posing risks to customers, rail employees, and supply chains [3] - CPKC emphasizes the importance of assessing both short- and long-term public interest impacts, particularly regarding competition for rail customers [3] Group 3: Stakeholder Engagement - CPKC encourages stakeholders, including shippers and governments, to review the merger application and submit their comments to the STB [4] - Stakeholders should express concerns about potential limitations on rail shipping options, rate pressures, and service quality risks [4] Group 4: CPKC Overview - CPKC is the first and only single-line transnational railway connecting Canada, the U.S., and Mexico, with extensive access to major ports [5] - The company operates approximately 20,000 route miles and employs 20,000 railroaders, providing comprehensive rail services across North America [5]

Core Viewpoint - Canadian Pacific Kansas City Limited (CPKC) and Lanco Group/Mi-Jack have sold the Panama Canal Railway Company (PCRC) to APM Terminals, enhancing CPKC's focus on its core North American rail business [1][3]. Company Overview - CPKC is the first and only single-line transnational railway linking Canada, the United States, and Mexico, with approximately 20,000 route miles and 20,000 employees [6]. - APM Terminals operates advanced container terminals globally, with a presence in 60 locations across 33 countries and approximately 33,000 employees [4]. Financial Performance - In 2024, PCRC generated revenue of US$77 million and EBITDA of US$36 million [2]. Strategic Implications - The sale of PCRC is seen as a move to optimize assets and create shareholder value, allowing CPKC to concentrate on its North American operations [3]. - APM Terminals views PCRC as an attractive infrastructure investment that aligns with its core services of intermodal container movement [3]. Historical Context - PCRC has been a 50/50 joint venture between CPKC subsidiary Kansas City Southern and Lanco Group/Mi-Jack since its formation in 1998, operating a 47-mile railway adjacent to the Panama Canal [2][3].

Core Points - Canadian Pacific Kansas City (CPKC) has filed its notice of meeting and management proxy circular for the 2025 annual and special meeting of shareholders [1] - The annual meeting will be held virtually on April 30, 2025, at 9 a.m. MT, allowing for greater participation from shareholders [2] - Detailed instructions for participation and a Virtual AGM User Guide will be provided to shareholders [3] Company Overview - CPKC is the first and only single-line transnational railway linking Canada, the United States, and Mexico, with access to major ports across North America [4] - The railway stretches approximately 20,000 route miles and employs 20,000 railroaders, providing extensive rail service and network reach [4] - CPKC offers a suite of freight transportation services, logistics solutions, and supply chain expertise to its customers [4]

Core Points - Canadian Pacific Kansas City (CPKC) has filed its 2024 annual report on Form 10-K with the U.S. Securities and Exchange Commission and Canadian securities regulators [1] - The report includes annual audited financial statements and management's discussion and analysis [1] - Shareholders can request a printed copy of the complete 2024 audited financial statements free of charge [1] Company Overview - CPKC is the first and only single-line transnational railway linking Canada, the United States, and Mexico [2] - The railway stretches approximately 20,000 route miles and employs 20,000 railroaders [2] - CPKC provides North American customers with unparalleled rail service and network reach to key markets across the continent [2] - The company is focused on growth, offering a suite of freight transportation services, logistics solutions, and supply chain expertise [2]