CN, Union Pacific sign settlement pact tied to proposed Union Pacific-Norfolk Southern merger

Union Pacific Corporation
Core Natural Resources Inc. Ordinary Shares
Norfolk Southern Corporation

Union Pacific Corporation

UNP

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Core Natural Resources Inc. Ordinary Shares

CNR

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Norfolk Southern Corporation

NSC

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  • Union Pacific signed a binding settlement framework with CN tied to Union Pacific’s proposed merger with Norfolk Southern.
  • CN would gain competitive access to shipper facilities where Class I rail options drop from 2 to 1 or 3 to 2.
  • CN would buy Norfolk Southern’s stakes in Kansas City Terminal Railway and the Terminal Railroad Association of St. Louis.
  • Operational rights would expand CN’s Midwest footprint, including access between Tuscola and East St. Louis, service rights between St. Louis and Kansas City.
  • CN agreed not to oppose the Union Pacific–Norfolk Southern deal, with implementation tied to completion of that merger.


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