• Union Pacific and CN signed a binding memorandum setting terms for CN access tied to the proposed Union Pacific–Norfolk Southern merger.
• CN would gain competitive access where shipper rail options fall from 2-to-1 or 3-to-2, subject to operational feasibility.
• CN would acquire Norfolk Southern stakes in Kansas City Terminal Railway and the Terminal Railroad Association of St. Louis.
• CN would receive Midwest operating rights, including Tuscola–East St. Louis overhead rights and customer access between St. Louis and Kansas City.
• CN agreed not to oppose the Union Pacific–Norfolk Southern deal, with implementation contingent on approval and closing.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. UP - Union Pacific Corporation published the original content used to generate this news brief via Business Wire (Ref. ID: 202607221909BIZWIRE_USPR_____20260722_BW447275) on July 22, 2026, and is solely responsible for the information contained therein.