CN Expresses Concerns Over Union Pacific Merger Application
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 30 2026
0mins
CN (CNI) announced that it continues to review Union Pacific (UNP) and Norfolk Southern's (NSC) amended merger application submitted to the Surface Transportation Board and will remain actively engaged in this process. The company said, "Despite having addressed certain deficiencies, the Applicants have failed to materially improve the amended application in ways that address the competitive harms of the merger, despite the Surface Transportation Board's clear encouragement to do so. Most notably, they have not remedied the significant competitive harms posed by the merger, nor have they offered any meaningful competitive enhancements as required under the Board's new rules. These failures should be fatal to the application. The Applicants falsely continue to call their merger end-to-end. However, as CN has previously demonstrated, the Company continues to believe the areas of competitive overlap and harms are more extensive than those identified in this amended application. CN is well positioned to provide solutions to the issues the Applicants acknowledge, as well as those harms they have yet to address."
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Analyst Views on CNI
Wall Street analysts forecast CNI stock price to rise
15 Analyst Rating
9 Buy
6 Hold
0 Sell
Moderate Buy
Current: 110.840
Low
105.00
Averages
113.56
High
136.77
Current: 110.840
Low
105.00
Averages
113.56
High
136.77
About CNI
Canadian National Railway Company is a transportation and logistics company. The Company's services include rail, intermodal, trucking, and supply chain services. The Company’s rail services offer equipment, customs brokerage services, transloading and distribution, private car storage and others. Its intermodal container services help shippers expand their door-to-door market reach with about 23 strategically placed intermodal terminals. Its intermodal services include temperature-controlled cargo, port partnerships, logistics park, custom brokerage, transloading and distribution, and others. Its trucking services include door-to-door service, import and export dray, interline services, and specialized services. Its supply chain services offer comprehensive services across a range of industries and product types. The Company transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Debt Offering Size: Canadian National Railway has announced a $750 million debt offering, consisting of $300 million in 4.350% notes maturing in 2029 and $450 million in 4.950% notes maturing in 2036, indicating a proactive approach to future financing needs.
- Issuance Timeline: The offering is expected to close on May 12, 2026, subject to customary closing conditions, providing the company with a flexible window for capital raising.
- Clear Use of Proceeds: The net proceeds from the offering will be used for general corporate purposes, including the repayment of commercial paper, which will help optimize the company's capital structure and reduce short-term debt risk.
- Strong Underwriting Team: The joint bookrunners for this debt offering include J.P. Morgan Securities, RBC Capital Markets, and SMBC Nikko Securities America, showcasing the company's strong backing and credibility in the capital markets.
See More
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- Debt Offering Size: CN has announced a public debt offering totaling $750 million, consisting of $300 million in 4.350% Notes due 2029 and $450 million in 4.950% Notes due 2036, which will provide essential funding to support its operations and growth.
- Clear Use of Proceeds: The net proceeds from this debt offering will be utilized for general corporate purposes, including the repayment of commercial paper, which will help optimize the company's capital structure and reduce financial costs.
- Timely Issuance Schedule: CN expects to close the debt offering on May 12, 2026, subject to customary closing conditions, demonstrating the company's proactive approach in capital markets and its financing capabilities.
- Strong Underwriter Lineup: The joint bookrunners for this debt offering include J.P. Morgan, RBC Capital Markets, and SMBC Nikko, and the involvement of these reputable financial institutions enhances market confidence in the debt issuance.
See More
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- Strict Evaluation Criteria: Recipients are evaluated based on stringent safety standards, with 194 shippers' ongoing efforts ensuring safety during transportation, further solidifying CN's leadership position in the North American transportation industry.
- Core Value Emphasis: CN executives emphasize that safety is the company's core value, guiding all operational activities to ensure the safety of employees and communities, thereby enhancing the company's reputation among customers and the public.
- Responsible Care Program: The Safe Handling Award is a crucial part of CN's Responsible Care Program, aimed at continuously improving transportation safety performance and driving business growth in both Canada and the U.S.
See More
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- Consistent Strong Performance: This achievement marks eight months of robust performance for the crop year, with seven months setting new records, reflecting CN's efficient operations and steady export demand.
- Supporting Agricultural Supply Chain: As farmers in Western Canada enter the seeding season, CN remains focused on providing consistent and reliable service to support the agricultural supply chain and ensure capacity meets ongoing demand.
- Network Advantage: With nearly 20,000 miles of rail network, CN safely transports over 300 million tons of natural resources and manufactured goods, promoting sustainable trade and contributing to the prosperity of the communities in which it operates.
See More
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- Chair Re-election: Shauneen Bruder was unanimously re-elected as board chair, bringing her extensive experience as a former Executive Vice-President at the Royal Bank of Canada to guide the company's future.
- Voting Transparency: The voting results will be filed with Canadian and U.S. securities regulators, ensuring transparency and trust in corporate governance, which enhances the company's credibility in the market.
- Operational Context: CN safely transports over 300 million tons of natural resources and manufactured goods annually, with a nearly 20,000-mile rail network connecting key economic regions in Canada and the U.S., driving sustainable trade and community prosperity.
See More
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- Debt Securities Issuance Plan: CN Railway has filed a shelf prospectus with Canadian regulators and a registration statement with the SEC, planning to issue debt securities in Canadian and U.S. markets over the next 37 months, reflecting the company's emphasis on financing flexibility.
- Diverse Use of Proceeds: The net proceeds from the debt securities are expected to be used for general corporate purposes, including the redemption and refinancing of existing debt, share repurchases, acquisitions, and other business opportunities, aimed at enhancing the company's financial health and market competitiveness.
- Registration Statement Not Yet Effective: Although a registration statement has been filed with the SEC, it has not yet become effective, meaning that sales and offers to buy the securities cannot be accepted prior to effectiveness, which will impact short-term financing capabilities.
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See More
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- Debt Offering Size: Canadian National Railway has announced a $750 million debt offering, consisting of $300 million in 4.350% notes maturing in 2029 and $450 million in 4.950% notes maturing in 2036, indicating a proactive approach to future financing needs.
- Issuance Timeline: The offering is expected to close on May 12, 2026, subject to customary closing conditions, providing the company with a flexible window for capital raising.
- Clear Use of Proceeds: The net proceeds from the offering will be used for general corporate purposes, including the repayment of commercial paper, which will help optimize the company's capital structure and reduce short-term debt risk.
- Strong Underwriting Team: The joint bookrunners for this debt offering include J.P. Morgan Securities, RBC Capital Markets, and SMBC Nikko Securities America, showcasing the company's strong backing and credibility in the capital markets.
See More
CN Announces $750 Million Debt Offering
- Debt Offering Size: CN has announced a public debt offering totaling $750 million, consisting of $300 million in 4.350% Notes due 2029 and $450 million in 4.950% Notes due 2036, which will provide essential funding to support its operations and growth.
- Clear Use of Proceeds: The net proceeds from this debt offering will be utilized for general corporate purposes, including the repayment of commercial paper, which will help optimize the company's capital structure and reduce financial costs.
- Timely Issuance Schedule: CN expects to close the debt offering on May 12, 2026, subject to customary closing conditions, demonstrating the company's proactive approach in capital markets and its financing capabilities.
- Strong Underwriter Lineup: The joint bookrunners for this debt offering include J.P. Morgan, RBC Capital Markets, and SMBC Nikko, and the involvement of these reputable financial institutions enhances market confidence in the debt issuance.
See More
CN Announces 2025 Safe Handling Award Winners
- Award Announcement: CN has announced the winners of the 2025 Safe Handling Award, recognizing customers who excel in the safe loading and transportation of regulated products by rail, reflecting the company's commitment to safe transportation services.
- Strict Evaluation Criteria: Recipients are evaluated based on stringent safety standards, with 194 shippers' ongoing efforts ensuring safety during transportation, further solidifying CN's leadership position in the North American transportation industry.
- Core Value Emphasis: CN executives emphasize that safety is the company's core value, guiding all operational activities to ensure the safety of employees and communities, thereby enhancing the company's reputation among customers and the public.
- Responsible Care Program: The Safe Handling Award is a crucial part of CN's Responsible Care Program, aimed at continuously improving transportation safety performance and driving business growth in both Canada and the U.S.
See More
CN Sets New Record with 3.2 Million Tonnes of Grain Moved in April
- Record Transportation Volume: In April, CN moved 3.2 million tonnes of grain, setting a new monthly record that underscores the company's critical role in the agricultural supply chain and strong market demand.
- Consistent Strong Performance: This achievement marks eight months of robust performance for the crop year, with seven months setting new records, reflecting CN's efficient operations and steady export demand.
- Supporting Agricultural Supply Chain: As farmers in Western Canada enter the seeding season, CN remains focused on providing consistent and reliable service to support the agricultural supply chain and ensure capacity meets ongoing demand.
- Network Advantage: With nearly 20,000 miles of rail network, CN safely transports over 300 million tons of natural resources and manufactured goods, promoting sustainable trade and contributing to the prosperity of the communities in which it operates.
See More
CN Announces Election Results for Board of Directors
- Election Results: At the Annual Meeting on May 1, 2026, all 11 nominees proposed by CN were elected, with David Freeman receiving 99.68% of the votes, reflecting strong shareholder confidence in the management.
- Chair Re-election: Shauneen Bruder was unanimously re-elected as board chair, bringing her extensive experience as a former Executive Vice-President at the Royal Bank of Canada to guide the company's future.
- Voting Transparency: The voting results will be filed with Canadian and U.S. securities regulators, ensuring transparency and trust in corporate governance, which enhances the company's credibility in the market.
- Operational Context: CN safely transports over 300 million tons of natural resources and manufactured goods annually, with a nearly 20,000-mile rail network connecting key economic regions in Canada and the U.S., driving sustainable trade and community prosperity.
See More
CN Railway Files Shelf Prospectus for Debt Securities
- Debt Securities Issuance Plan: CN Railway has filed a shelf prospectus with Canadian regulators and a registration statement with the SEC, planning to issue debt securities in Canadian and U.S. markets over the next 37 months, reflecting the company's emphasis on financing flexibility.
- Diverse Use of Proceeds: The net proceeds from the debt securities are expected to be used for general corporate purposes, including the redemption and refinancing of existing debt, share repurchases, acquisitions, and other business opportunities, aimed at enhancing the company's financial health and market competitiveness.
- Registration Statement Not Yet Effective: Although a registration statement has been filed with the SEC, it has not yet become effective, meaning that sales and offers to buy the securities cannot be accepted prior to effectiveness, which will impact short-term financing capabilities.
- Historical Context and Market Impact: Since 1919, CN Railway has safely transported over 300 million tons of natural resources and manufactured goods annually through its nearly 20,000-mile rail network, continuously driving economic growth in North America; this financing plan will further solidify its market position.
See More
