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CN Rail Urges STB to Reject Proposed Union Pacific, Northern Southern Amended Merger Application

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Canadian National Rail (CNR.TO), down 1.2% on last look, is urging the Surface Transportation Board (STB) to reject the amended merger application submitted by Union Pacific (UP) and Norfolk Southern (NS) as it "still fails to meet the Board's requirements and thus remains incomplete", the company said on Monday.

The STB, which rejected the applicants' first application in January, identified three separate deficiencies. CN Rail notes the amended application still fails to provide thorough competition analyses and consistent market share information. The application also does not accurately identify the points that would "go from two Class I options to one, or from three Class I options to two", CN points out.

CN also flagged the insufficiency of the applicants' proposed committed gateway pricing (CGP) program which applies to less than one percent of U.S. rail traffic. CN said many shippers would face increased rail shipping costs due to the CGP program.

CN Rail shares were last seen down $1.91, to $150.80, on the Toronto Stock Exchange.

Price: $150.86, Change: $-1.85, Percent Change: -1.21%

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Planet Ventures Invests in Lux Aeterna

Planet Ventures (PXI.CN) made a strategic investment into Lux Aeterna, a space infrastructure company building the world's first fully reusable satellite platform, it said Monday.The company invested a total of US$100,000 into Lux Aeterna's equity financing. Lux Aeterna has already attracted significant attention from leading venture capital firms in the space sector, including Space Capital, and recently completed a US$10-million seed financing round led by Konvoy to speed-up development of its flagship spacecraft, with a demonstration mission targeted for 2027, it noted."We believe reusable satellite infrastructure represents one of the most important and underappreciated opportunities within the space economy," said Planet Ventures Chief Executive Etienne Moshevich. "Lux Aeterna is tackling a critical bottleneck in orbital logistics-bringing assets and materials back from space-and we believe this capability could unlock entirely new industries."Shares of the company were last seen unchanged at $0.34 on the Canadian Securities Exchange.

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