CN Files Proposed Conditions With STB to Preserve Midwest Rail Competition in UP-NS Deal

RegulationM&A · Partnership
โดย GlobeNewswire·US·Read original
Summary · why it matters

Canadian National Railway Company has filed with the Surface Transportation Board a description of the anticipated conditions it plans to seek in connection with the proposed Union Pacific and Norfolk Southern transaction. The filing builds on the binding Memorandum of Understanding announced by CN and UP in July, which set a framework for CN to secure access to new locations and customers as a remedy for competitive harms of the proposed deal. CN's proposed conditions would connect its network to key areas in St. Louis and Kansas City and preserve competitive rail options for shippers in Des Moines, Iowa and central and southern Illinois that would otherwise see the number of Class I railroads serving their facilities substantially reduced. The conditions include preserving competitive options for 2-to-1 shippers in central and southern Illinois, including Hillsboro, Carlinville, Bloomington, Mt. Vernon, Granite City, Momence, Federal, Alton and Danville, as well as Des Moines, Iowa, and for 3-to-2 shippers in Des Moines and Avon, Iowa, along with new access to Kansas City, including rights between Kansas City and St. Louis and leasing UP's Neff Yard, and improved access to East St. Louis, Illinois and St. Louis, Missouri, including overhead trackage rights between Tuscola, Illinois and East St. Louis, Illinois. The anticipated conditions remain subject to STB approval and the closing of the proposed UP-NS transaction, with formal requests for conditions due on November 18.

Impact on stocks 4

Industrials▲ · 4 stocks
Canadian National Railway Company
CNI
▲ PositiveRegulationrelevance

CN files proposed STB conditions to secure network access, new locations and customers as a remedy in the UP-NS deal.

Norfolk Southern Corporation
NSC
± MixedRegulationrelevance

Norfolk Southern is the target of the UP-NS transaction that CN's proposed conditions would modify, but the article does not state a clear directional effect on NS.

Union Pacific Corporation
UNP
± MixedRegulationrelevance

Union Pacific is party to the deal and the July CN-UP MOU, but the article does not state a clear directional effect on UP.

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