BNSF CEO Katie Farmer statement on UP merger application filing
FORT WORTH, Texas, – “While we are still reviewing the STB filing and will have more to say soon, what we have seen so far does not change BNSF’s opposition to the proposed merger. The transaction poses a significant threat to the U.S. economy and the American consumer through its long-term competitive harms. It would leave shippers with fewer options—driving higher rates and ultimately higher prices for consumers. This didn’t begin with customers asking for this merger, and the claimed public benefits appear to accrue primarily to shareholders. Past mergers demonstrate the risk of serious service failures with destructive impacts to customers, the U.S. rail network and the American economy.
This is precisely why the STB strengthened its merger rules: applicants must now prove their deal will not only preserve but enhance competition; that it serves the public interest, and its purported benefits can’t be delivered through partnerships. BNSF is confident that UP has not met these requirements. UP has a long history of making promises in past mergers that they back away from once they’ve secured approval. BNSF remains focused on achieving these same benefits through partnership and collaboration which results in streamlined service, and greater operational flexibility—delivering real, immediate benefits to customers.”
– BNSF President & CEO Katie Farmer
Contact:
Kendall Kirkham Sloan
Director of External Communications
Media@BNSF.com