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STB Orders Union Pacific to Release Vena Merger Remarks Video

The Surface Transportation Board rejected Union Pacific's appeal and ordered the railroad to publicly release a recording of Chief Executive Jim Vena's remarks at a shipper conference, removing its confidential designation. The video captures Vena's March address to the Southwest Association of Rail Shippers in Houston regarding the proposed $85 billion acquisition of Norfolk Southern. Canadian Pacific Kansas City pursued the video's release, asserting that Vena's remarks allegedly threatened rate increases for shippers opposing the merger. CPKC argued this threat potentially discouraged regulatory participation. Union Pacific argued public disclosure could cause irreparable harm through unauthorized editing and distribution. The railroad proposed instead posting the video on its merger website under confidentiality restrictions, allowing viewing without unrestricted reproduction rights. CPKC challenged the delay, contending Union Pacific missed its appeal deadline. The STB's decision underscores transparency concerns about shipper influence during the merger review process.