CPKC CEO Keith Creel statement on UP-NS merger application refiling

Key Figures

UP-NS traffic share: 50 percent Refiling date: April 30, 2026 CPKC comment filing date: May 8, 2026 +2 more

5 metrics

UP-NS traffic share 50 percent Claimed share of U.S. freight rail traffic for combined UP-NS

Refiling date April 30, 2026 Date UP and NS refiled merger application with STB

CPKC comment filing date May 8, 2026 Date CPKC filed comments on revised application completeness

Merger rules year 2001 Year of STB’s updated major merger rules referenced by CPKC

Refiling preparation time nearly four months Time UP and NS reportedly took to refile their merger application

Market Reality Check

Price: $86.04 Vol: Volume 3,474,421 is 22% a...

normal vol

$86.04 Last Close

Volume Volume 3,474,421 is 22% above 20-day average of 2,841,743. normal

Technical Trading above 200-day MA of 76.90, just 3.77% below 52-week high of 89.415.

Peers on Argus

CP gained 0.96% with above-average volume, while key peers like CNI, CSX, NSC an...

CP gained 0.96% with above-average volume, while key peers like CNI, CSX, NSC and UNP were modestly positive (up 0.12–0.71%) and WAB fell 0.85%, pointing to mostly stock-specific factors rather than a unified sector move.

Previous Acquisition Reports

1 past event · Latest: Dec 19 (Neutral)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Dec 19	Merger commentary	Neutral	-0.0%	CPKC response to initial UP‑NS merger application and STB review timeline.

Pattern Detected

On prior acquisition-related UP‑NS merger commentary, CP shares moved only marginally, suggesting limited immediate price sensitivity to this theme.

Recent Company History

Over the past several months, CPKC has balanced network-focused updates with regulatory and merger commentary. A prior Dec. 19, 2025 statement on the original UP‑NS merger application saw a minimal -0.01% move, indicating muted trading impact. Today’s statement on the refiled application continues that focus on Surface Transportation Board process and potential network implications, building on earlier comments about public-interest and competitive effects.

Historical Comparison

-0.0% avg move · In the past, CPKC’s commentary on the proposed UP‑NS merger led to only a -0.01% move, indicating hi...

acquisition

-0.0%

Average Historical Move acquisition

In the past, CPKC’s commentary on the proposed UP‑NS merger led to only a -0.01% move, indicating historically muted share-price reactions to this specific regulatory theme.

CPKC commentary has progressed from reacting to the initial UP‑NS merger filing in Dec. 2025 to addressing the refiled application and its compliance with STB major merger rules.

Market Pulse Summary

This announcement continues CPKC’s engagement with the proposed UP‑NS merger, questioning whether th...

Analysis

This announcement continues CPKC’s engagement with the proposed UP‑NS merger, questioning whether the refiled application meets STB major merger rules and market-impact requirements. It follows earlier commentary from Dec. 19, 2025 on the initial filing. Investors may watch how the Surface Transportation Board responds, what traffic-share data emerge, and whether further CPKC statements clarify potential implications for U.S. freight rail competition and network dynamics.

Key Terms

surface transportation board, major merger rules

2 terms

surface transportation board regulatory

"with the Surface Transportation Board (STB) on April 30, 2026"

A federal agency that oversees and enforces rules for freight railroads and related transport services, acting like a referee for the industry by settling disputes, reviewing rates and service complaints, and approving major changes such as mergers or line abandonments. Investors care because the board’s decisions can change a railroad’s costs, access to markets, and competitive landscape, which in turn can affect revenue, profitability and long-term investment value.

major merger rules regulatory

"benchmark set out in the STB's updated 2001 major merger rules"

Major merger rules are the government requirements and review steps that large corporate takeovers must meet before they can proceed, like traffic rules for big deals that ensure they won’t harm competition or national interests. Investors care because these rules can delay, change, or block transactions and impose conditions that affect the combined company’s future profits, debt load, and stock value — similar to how a red light or detour can change travel plans and costs.

AI-generated analysis. Not financial advice.

CALGARY, AB, May 11, 2026 /PRNewswire/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) President and Chief Executive Officer Keith Creel today issued the following statement regarding the merger application refiled by Union Pacific (UP) and Norfolk Southern (NS) with the Surface Transportation Board (STB) on April 30, 2026:  

Having taken nearly four months to refile their application, longer than it took for them to prepare the initial filing, UP and NS' new application doesn't change the underlying reality that this mega-merger is unnecessary and falls well short of meeting the high benchmark set out in the STB's updated 2001 major merger rules. A combined UP-NS could place nearly 50 percent of U.S. freight rail traffic in the hands of a single company that already has a troubled history, some very recent, of abusing market power to the detriment of American businesses and workers. None of this serves the public interest. None of this serves the interests of shippers. All of it puts our supply chains and economy at needless risk.

On Friday, May 8, 2026, CPKC filed comments addressing the completeness of the revised application. In those comments, we address why it does not appear that UP and NS have met the specific STB requirements to submit a detailed market impact analysis based on their projected future shares of rail traffic flows for key commodities and corridors. This has left us asking, did UP overlook this specific instruction from the STB? If not, does UP have something to hide? One thing is certain: This is emblematic of UP continuing to have its own interpretation of rules and STB orders, and of how those apply to UP.  

We are confident that, if the STB accepts the refiled application, it will conduct a vigorous assessment and regulatory review. CPKC encourages every rail customer to get involved. File a notice of intent to participate. All stakeholders must carefully consider what is being proposed here and fully participate in this process. If rail customers, and other stakeholders, don't provide their perspectives on this irreversible decision, those perspectives will never be heard.  

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 approximately 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