CN Statement on STB Rejection of Incomplete UP–NS Merger Application

HOMEWOOD, Ill., Jan. 16, 2026 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) today issued the following statement in response to the Surface Transportation Board’s decision rejecting the UP–NS merger application as incomplete:

“Today the Surface Transportation Board rightly rejected the UP–NS merger application as incomplete. UP and NS failed to meet the basic requirements when it came to providing all the necessary information in their initial filing. Simply put this application is missing the last mile. This decision reinforces that a merger of this scale cannot be assessed on omissions or partial disclosure and must be evaluated on a full and transparent record, as required by the heightened standards under the new merger rules.

A stronger record will allow the Board to determine whether the proposed transaction is in the public-interest and whether the time and scope limited measures offered by the applicants satisfy the requirement to enhance competition. As noted earlier, applicants had refused information critical to understand their perspective on anticipated competitive harms and inform the Board’s public-interest and competition analyses. The Board rightly found that applicants needed to provide that information. CN looks forward to participating robustly once UP-NS have submitted a complete application and encourages customers to file their notices of intent to participate so they can stay informed and continue to participate in the STB’s process.

CN appreciates the hard work of the Surface Transportation Board members and their staff for their thorough and fair review of the application compared to the regulatory requirements.”

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