1. CPKC is reviewing UP-NS merger application for regulatory compliance. 2. STB's decision on the application is due by January 18, 2026. 3. Approval of the merger could disrupt competitive dynamics in rail services. 4. CPKC will actively participate in public commentary regarding the merger. 5. Stakeholders should assess potential limitations from the UP-NS merger.
The potential merger could shift competitive landscapes, affecting all rail companies, including CP. Historical cases like the CSX and NS merger show similar ramifications that may not favor all parties, leading to uncertainty.
The analysis of the UP-NS merger is crucial for CPKC's market strategy and could affect pricing and competition significantly.
The merger decision process will affect market dynamics over the long haul, similar to prior mergers. Long-term contracts and service adjustments will shape CPKC's positioning over years.
CALGARY, AB, Dec. 19, 2025 /PRNewswire/ - Canadian Pacific Kansas City (TSX:CP) (NYSE:CP) (CPKC) today released the following statement regarding the merger application filed by Union Pacific (UP) and Norfolk Southern (NS) with the Surface Transportation Board (STB) on Dec. 19, 2025:
CPKC has only just obtained the lengthy UP-NS merger application formally filed today and will be thoroughly reviewing it over the coming days. We will be examining the application from at least two perspectives:
The first step in the STB's merger review process calls for the STB to determine, by Jan. 18, 2026, whether to accept the application for consideration or to reject it as incomplete.
If the STB accepts the application, its public interest review will entail consideration of a broad and novel array of public interest concerns. Approval of this merger is not inevitable.
The proposed UP-NS merger, unprecedented in scale and scope, would radically and permanently change the U.S. rail network. If approved, the merger would pose extraordinary and far-reaching risks to customers, rail employees and broader supply chains. We are confident the STB will conduct a vigorous process to assess all of the short- and long-term public interest impacts of the proposed behemoth, including on the competition rail customers have today.
CPKC will remain an active participant in that process. We encourage all interested shippers, receivers, associations, governments and other stakeholders to closely examine the application and file their own comments with the STB. All stakeholders should express their views about how this proposed merger would affect their business, including new limitations on their rail shipping options, new risks of rate pressures, and new risks to service quality. CPKC anticipates submitting comments to the STB in accordance with the procedural schedule the STB adopts in this proceeding.
About CPKC
With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR
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SOURCE CPKC