Canadian National Railway (CNI) filed a motion with the Surface Transportation Board (STB) on January 12, 2026, requesting that Union Pacific (UP) and Norfolk Southern (NS) submit additional data on the competitive impacts of their proposed merger. The motion argues that the applicants have not fully disclosed the extent of potential market‑wide harms and seeks to ensure the STB has a complete view before making a decision.
The UP‑NS merger application was first submitted to the STB on December 19, 2025, and the parties expect the deal to close in early 2027 pending regulatory approval. By demanding more information, CNI is attempting to influence the outcome of a transaction that could reshape rail service dynamics across the United States, potentially affecting market share, pricing, and network access for all carriers.
CNI’s own financial position underscores its capacity to engage in this regulatory contest. With a market capitalization of approximately $61.25 billion and a gross profit margin of 56%, the company operates a network of roughly 20,000 miles that connects Canada’s coasts with the U.S. Midwest and Gulf Coast. These metrics demonstrate a robust balance sheet and a strong operational footprint that give CNI leverage in competitive disputes.
Senior Vice‑President and Chief Legal Officer Olivier Chouc said the motion reflects CNI’s commitment to “full transparency and rigorous scrutiny” of the merger. He criticized UP and NS for not being “upfront” about the full extent of competitive harms, emphasizing that a thorough review is essential to protect the interests of shippers and the broader rail ecosystem.
The filing signals that CNI is actively defending its competitive position and could alter the regulatory trajectory of the UP‑NS merger. If the STB requires the additional disclosures, the merger’s timeline and terms may be affected, potentially preserving CNI’s market share and influencing future network planning across the continent.
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