Union Pacific and CN Reach Agreement to Expand Customer Opportunities in Connection with Merger

Corporate ActionM&A · Partnership Impact 4
โดย GlobeNewswire·Read original
Summary · why it matters

Union Pacific and CN have signed a binding Memorandum of Understanding that establishes a framework for CN to secure competitive access in connection with Union Pacific's proposed merger with Norfolk Southern. Under the settlement, which is contingent on Surface Transportation Board approval and closing of the merger, CN gains access to shipper facilities where Class I railroad options would be reduced, acquires Norfolk Southern's ownership interests in the Kansas City Terminal Railway Company and the Terminal Railroad Association of St. Louis, and obtains new Midwest overhead rights between Tuscola, Illinois, and East St. Louis, Illinois, as well as rights to serve customers between St. Louis, Missouri, and Kansas City, Missouri. For the first time, CN will have a footprint in Kansas City with usage of Union Pacific's Neff Yard, and CN agrees not to oppose the merger. Union Pacific CEO Jim Vena said the agreement reinforces commitments to preserve and enhance competitive options, while CN President and CEO Tracy Robinson emphasized that the framework preserves competitive access to key markets including Kansas City.

Impact on stocks 4

Industrials▲ · 4 stocks
Union Pacific Corporation
UNP
▲ PositiveRegulationrelevance

Union Pacific secures CN's non-opposition to its merger with Norfolk Southern via the MOU.

Norfolk Southern Corporation
NSC
± MixedRegulationrelevance

Norfolk Southern is the target of the merger; the MOU is contingent on the merger closing, but its own position is not directly impacted.

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