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Rail Merger Review Stalls as Regulators Demand Additional Data

The Surface Transportation Board has paused its review of Union Pacific and Norfolk Southern's proposed $72 billion merger, pending submission of additional documentation. The merger would be the largest rail combination ever attempted. Shares of both carriers fell sharply following the regulatory delay. The STB conditionally accepted the merged application but cited the need for more comprehensive data before proceeding with full evaluation. Union Pacific's leadership has maintained confidence the revised filing addresses all regulatory requirements, though the company disputed claims by six state attorneys general that key information was omitted from the submission. UP stated it provided complete answers to all material questions in its merger paperwork. The attorneys general have separately called on the STB to reject the application outright. The pause extends an already lengthy review process for what would fundamentally reshape North American rail transport.