CPKC CEO opposes Union Pacific-Norfolk Southern merger refiling

Canadian Pacific Kansas City (NYSE: CP) CEO Keith Creel issued a statement opposing the merger application refiled by Union Pacific and Norfolk Southern with the Surface Transportation Board on April 30, 2026.

Creel stated the refiled application does not meet the STB's 2001 major merger rules and would place nearly 50 percent of U.S. freight rail traffic under a single company. He characterized the merger as "unnecessary" and said it would put supply chains and the economy "at needless risk."

CPKC filed comments on May 8, 2026, questioning whether Union Pacific and Norfolk Southern provided required detailed market impact analysis for projected future rail traffic shares. The company suggested the railroads may have overlooked STB instructions or were withholding information.

"This is emblematic of UP continuing to have its own interpretation of rules and STB orders," Creel said in the statement.

The CPKC CEO encouraged rail customers to participate in the regulatory review process by filing notices of intent to participate. He said stakeholders must provide perspectives on what he called an "irreversible decision."

Union Pacific and Norfolk Southern took nearly four months to refile their merger application, according to the statement. CPKC operates approximately 20,000 route miles across Canada, the United States, and Mexico with about 20,000 employees.

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