Norfolk Southern Corporation and Union Pacific Corporation announced that they will refile their merger application with the Surface Transportation Board (STB) by April 30, 2026, following the board’s rejection of the initial filing on January 16, 2026.
The STB rejected the first application because it was incomplete: it lacked forward‑looking market projections, omitted portions of the merger contract, misclassified an accompanying acquisition of two rail carriers as a minor transaction when it should have been classified as significant, and failed to address control of the Terminal Railroad Association of St. Louis. The railroads have committed to correcting these deficiencies in the revised filing.
The merger would create America’s first transcontinental railroad, spanning roughly 50,000 miles across 43 states. Management estimates the combined company could generate about $2.75 billion in annual synergies through network integration, cost savings, and improved service offerings, positioning the new entity to compete more effectively with trucking and other freight modes.
Regulatory approval remains uncertain. Other Class I railroads—BNSF, Canadian National, CPKC, and CSX—as well as several state attorneys general have opposed the merger, citing concerns about reduced competition and higher freight rates. The STB may require concessions that could reduce projected synergies by up to $750 million, bringing net benefits closer to $2 billion. The railroads also plan to invest roughly $2 billion in capital expenditures over the first two years to realize the anticipated efficiencies.
The April 30 filing deadline marks a critical milestone in a long‑awaited consolidation that could reshape freight logistics across the United States. While the railroads have outlined a clear path to achieving the projected synergies, the need for concessions and the intensity of opposition suggest that the final outcome will depend heavily on the STB’s assessment of the revised application and the broader competitive landscape.
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