India, July 23 -- Union Pacific Corp.(UNP) and Canadian National Railway Co. (CNR.TO, CNI) on Wednesday announced a binding memorandum of understanding as a framework for CN to secure competitive access in connection with Union Pacific's proposed acquisition of Norfolk Southern (NSC).
The agreement is subject to approval by the Surface Transportation Board and completion of the merger.
The company said the agreement preserves customer options, resolves terminal railroad ownership issues, expands CN's presence in the Midwest, and maintains gateway protections for customers and railroads.
Under the agreement, CN will gain competitive access to certain shipper facilities where Class I railroad options would be reduced, subject to commercial...