<p>2025 年 12 月 19 日，蒙特利尔（GLOBE NEWSWIRE）——联合太平洋铁路和诺福克南方铁路今天早上提交的申请未能证明此次合并将增强竞争或产生需要合并的显著公共利益。这一申请远低于 2001 年和旧的合并规则所设定的标准。</p>
<p>保护竞争不是可选的，而是保持成本低廉和经济健康的必要条件。事实上，此次合并将减少客户的铁路运输选择，同时创造一个控制美国货运铁路市场超过 40% 的单一实体。没有真正的铁路竞争，价格会上涨，消费者将受到损失。</p>
<p>加拿大国家铁路将积极参与 STB 的过程，并鼓励所有利益相关者参与，以确保所有声音都被听到，并增强竞争。</p>
<p><strong>关于加拿大国家铁路</strong></p>
<p>加拿大国家铁路通过安全运输每年超过 3 亿吨的自然资源、制造产品和成品，推动北美经济发展。凭借近 20,000 英里的铁路网络和相关运输服务，加拿大国家铁路将加拿大东部和西部海岸与美国中西部和美国墨 Gulf Coast 连接起来，自 1919 年以来为其运营的社区的可持续贸易和繁荣做出了贡献。</p>
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<td><strong><em>媒体</em></strong></td>
<td><strong><em>投资社区</em></strong></td>
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<td>Jonathan Abecassis</td>
<td>Stacy Alderson</td>
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<td>主管</td>
<td>助理副总裁</td>
</tr>
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<td>媒体关系</td>
<td>投资者关系</td>
</tr>
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<td>(438) 455-3692<br/>media@cn.ca</td>
<td>(514) 399-0052<br/>investor.relations@cn.ca</td>
</tr>
</tbody>
</table>
<p><img src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZd05UUXdPQ00zTXpNeE16QXpJekl3TURZMU5ETT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZd05UUXdPQ00zTXpNeE16QXpJekl3TURZMU5ETT0"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/NzRiYjMwMjYtNDc2Ni00ZTYxLTgwMTUtNDRlZmZiMDY1NjZkLTEwMTgxMTYtMjAyNS0xMi0xOS1lbg==/tiny/Canadian-National-Railway.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/NzRiYjMwMjYtNDc2Ni00ZTYxLTgwMTUtNDRlZmZiMDY1NjZkLTEwMTgxMTYtMjAyNS0xMi0xOS1lbg==/tiny/Canadian-National-Railway.png"/></p>

加拿大国家铁路

<p>CN 批评了联合太平洋和诺福克南方的合并申请，称其未能增强竞争和公共利益。CN 认为，该合并将减少铁路选择并提高价格，控制超过 40% 的美国货运铁路市场。CN 将参与 STB 的程序，以确保竞争得以维持</p>

<p>MONTREAL, Dec. 19, 2025 (GLOBE NEWSWIRE) -- The application filed this morning by Union Pacific and Norfolk Southern fails to demonstrate that the merger would enhance competition or generate significant public benefits that would require a merger. It falls well below both the 2001 and old merger rules set out by the Surface Transportation Board (STB).</p>
<div class="lb-trans"><p>2025 年 12 月 19 日，蒙特利尔（GLOBE NEWSWIRE）——联合太平洋铁路和诺福克南方铁路今天早上提交的申请未能证明此次合并将增强竞争或产生需要合并的显著公共利益。这一申请远低于 2001 年和旧的合并规则所设定的标准。</p>
</div><p>Protecting competition is not optional, it is essential to keep costs down and the economy sound. The fact is that this merger would reduce rail transportation options for customers while creating a single entity that controls more than 40% of the US freight rail market. Without real railroad competition, prices go up and consumers lose.</p>
<div class="lb-trans"><p>保护竞争不是可选的，而是保持成本低廉和经济健康的必要条件。事实上，此次合并将减少客户的铁路运输选择，同时创造一个控制美国货运铁路市场超过 40% 的单一实体。没有真正的铁路竞争，价格会上涨，消费者将受到损失。</p>
</div><p>CN will be actively participating in the STB process and encourages all stakeholders to participate to ensure all voices are heard and that competition is enhanced.</p>
<div class="lb-trans"><p>加拿大国家铁路将积极参与 STB 的过程，并鼓励所有利益相关者参与，以确保所有声音都被听到，并增强竞争。</p>
</div><p><strong>About CN</strong></p>
<div class="lb-trans"><p><strong>关于加拿大国家铁路</strong></p>
</div><p>CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.</p>
<div class="lb-trans"><p>加拿大国家铁路通过安全运输每年超过 3 亿吨的自然资源、制造产品和成品，推动北美经济发展。凭借近 20,000 英里的铁路网络和相关运输服务，加拿大国家铁路将加拿大东部和西部海岸与美国中西部和美国墨 Gulf Coast 连接起来，自 1919 年以来为其运营的社区的可持续贸易和繁荣做出了贡献。</p>
</div><table>
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<td><strong><em>Media</em></strong></td>
<td><strong><em>Investment Community</em></strong></td>
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<td>Jonathan Abecassis</td>
<td>Stacy Alderson</td>
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<td>Director</td>
<td>Assistant Vice-President</td>
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<td>Media Relations</td>
<td>Investor Relations</td>
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<td>(438) 455-3692<br/>media@cn.ca</td>
<td>(514) 399-0052<br/>investor.relations@cn.ca</td>
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<div class="lb-trans"><table>
<thead>
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<th></th>
<th></th>
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<td><strong><em>联系人：</em></strong></td>
<td></td>
</tr>
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<td><strong><em>媒体</em></strong></td>
<td><strong><em>投资社区</em></strong></td>
</tr>
<tr>
<td>Jonathan Abecassis</td>
<td>Stacy Alderson</td>
</tr>
<tr>
<td>主管</td>
<td>助理副总裁</td>
</tr>
<tr>
<td>媒体关系</td>
<td>投资者关系</td>
</tr>
<tr>
<td>(438) 455-3692<br/>media@cn.ca</td>
<td>(514) 399-0052<br/>investor.relations@cn.ca</td>
</tr>
</tbody>
</table>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZd05UUXdPQ00zTXpNeE16QXpJekl3TURZMU5ETT0" alt="" original-src="https://www.globenewswire.com/newsroom/ti?nf=OTYwNTQwOCM3MzMxMzAzIzIwMDY1NDM="/></p>
<p><img src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/NzRiYjMwMjYtNDc2Ni00ZTYxLTgwMTUtNDRlZmZiMDY1NjZkLTEwMTgxMTYtMjAyNS0xMi0xOS1lbg==/tiny/Canadian-National-Railway.png" alt="" original-src="https://ml.globenewswire.com/media/NzRiYjMwMjYtNDc2Ni00ZTYxLTgwMTUtNDRlZmZiMDY1NjZkLTEwMTgxMTYtMjAyNS0xMi0xOS1lbg==/tiny/Canadian-National-Railway.png"/></p>

加拿大国家铁路关于联合太平洋 - 北方圣塔菲铁路委员会申请的声明 | 加拿大国家铁路股票新闻