Union Pacific and CN sign binding agreement to expand competitive access in proposed Norfolk Southern merger

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

Union Pacific and Canadian National Railway have signed a binding memorandum of understanding that establishes a framework for CN to gain competitive access as part of Union Pacific's proposed merger with Norfolk Southern. Under the settlement, which is contingent on Surface Transportation Board approval and completion of the merger, CN will acquire Norfolk Southern's ownership stakes in the Kansas City Terminal Railway Company and the Terminal Railroad Association of St. Louis, and will obtain new Midwest access through 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 presence in the heart of Kansas City through use of Union Pacific's Neff Yard. CN also agrees not to oppose the merger, and both parties will work together through the STB process to implement the agreement.

Impact on stocks 3

Industrials▲ · 3 stocks
Union Pacific Corporation
UNP
▲ PositiveRegulationrelevance

Union Pacific secures CN's non-opposition to its merger with Norfolk Southern, smoothing regulatory path.

Norfolk Southern Corporation
NSC
▲ PositiveRegulationrelevance

Norfolk Southern's merger with Union Pacific is supported by CN's agreement, reducing regulatory opposition.

Off-coverage companies 2

Kansas City Terminal RailwayPrivate± Mixed
relevance

Terminal Railroad Association of St. LouisPrivate± Mixed
relevance

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