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UP Chief Signals Confidence in Revised Merger Filing With NS

Union Pacific's chief executive said the railroad has addressed all regulatory concerns raised against its initial $85 billion acquisition of Norfolk Southern. The revised application is now ready for Surface Transportation Board approval. The updated filing includes the complete merger agreement and outlines conditions that would allow UP to exit the deal, including widespread trackage rights or line sales ordered by regulators. UP initially estimated needing $750 million in concessions but lowered that figure in the revised submission. The merger agreement sets a $750 million threshold triggering deal reconsideration. UP could divest one of two duplicative main lines between Kansas City and St. Louis if required. The filing also addresses concerns from rival carriers about UP's ownership stake in the Terminal Railroad Association of St. Louis. UP's chief said the railroad is prepared to walk away if the combination doesn't strengthen the company and benefit shareholders.