Let me explain my reasoning for my sidenote. A not so insignificant amount of carload traffic terminates and originates on shortlines. CP has been going on a carload kick for the past few years and shortlines are a key part of their strategy. By buying shortlines that CP connects with, CN would make it harder for CPKC to continue to grow this traffic. I could see CN doing it. If CSX-PAR and CP-KCS have thought me anything, it's that the M&A scene is unpredictable at best. If you told someone that CSX would buy Pan Am back in 2018-2019 when they were actively selling lines, you would have been seen as insane, yet here we are.
As for potential UP-CSX and NS-BNSF mergers, while I would love for those to happen, it would require an entirely different regulatory and service situation then what we have now. No way in hell the "activist STB" that we have now would approve a series of mergers that would result in two transcontinental class Is. CPKC is special because it does not automatically result in future mergers. Even my suggestion that CN buy shortlines isn't strictly necessary. CP and KCS have support for their merger because they serve their customers well. CSX has been trying to serve their customers well but that isn't really working out. NS is on the verge of meltdown. UP does okay at best. BNSF is the one class I that could get support because of their decent service, plus Mr. Buffett has the money. BNSF could vastly overpay for NS and it wouldn't matter.
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