NORFOLK (dpa-AFX) - Canadian National Railway Company (CNI, CNR.TO) issued a statement in response to the Surface Transportation Board's decision rejecting the Union Pacific-Norfolk Southern merger application as incomplete.
Canadian National Railway noted that the Board rightly rejected the application because Union Pacific and Norfolk Southern failed to meet the basic requirements by not providing all the necessary information in their initial filing. CN emphasized that 'this application is missing the last mile,' and that a merger of this scale cannot be assessed on omissions or partial disclosure. Instead, it must be evaluated on a full and transparent record, as required under the heightened standards of the new merger rules.
CN further stated that a stronger record will allow the Board to determine whether the proposed transaction is in the public interest and whether the limited measures offered by the applicants satisfy the requirement to enhance competition. The Company highlighted that Union Pacific and Norfolk Southern had previously refused to provide critical information needed to understand their perspective on anticipated competitive harms and to inform the Board's public-interest and competition analyses. The Board rightly found that this information must be supplied.
Looking ahead, CN expressed its commitment to participating robustly once Union Pacific and Norfolk Southern submit a complete application. The company also encouraged customers to file their notices of intent to participate so they can remain informed and actively engaged in the Surface Transportation Board's process.
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