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Union Pacific, Norfolk Southern File First Data Package in $85B Merger Review

Union Pacific and Norfolk Southern submitted the initial tranche of information requested by the Surface Transportation Board following its conditional acceptance of their revised merger application in May. The STB set July 27 as the deadline for a second filing covering enhanced competition requirements. The $85 billion merger's formal evaluation and environmental review had been delayed pending these submissions. Tuesday's filing addresses STB concerns regarding the railroads' ownership stakes in Terminal Railroad Association of St. Louis and Kansas City Terminal Railway, which facilitate intercarrier interchange traffic, as well as their involvement in freight car cooperative TTX. UP and NS stated they do not control either terminal railroad and offered to divest their shares to preserve neutrality. The carriers committed to completing the merger by mid-2027 and said competing railroads were using the terminal companies as leverage to oppose the deal.