Union Pacific and Norfolk Southern file first STB merger responses

Union Pacific Corporation (NYSE: UNP) and Norfolk Southern Corporation (NYSE: NSC) submitted the first portion of their responses to the Surface Transportation Board's (STB) May 28, 2026, request for supplemental information related to their pending merger application.

The filing addresses STB questions concerning three jointly owned rail entities: Terminal Railroad Association of St. Louis (TRRA), Kansas City Terminal Railway (KCT), and TTX Company. The two railroads stated that these entities are operated by independent management teams and governed by non-discrimination policies, and that neither company controls them today. The filing said the companies will not control them after a merger, offering options including divestiture.

Regarding the TRRA specifically, the filing alleges that other Class I railroads opposing the merger failed to attend a special meeting convened to discuss reducing Union Pacific's ownership stake in TRRA post-merger. According to the filing, only Union Pacific and Norfolk Southern board members attended, while representatives from BNSF, CSX, and Canadian National did not appear.

The STB accepted the merger application as complete on May 28, 2026. The two railroads said remaining responses to the STB's information requests will be submitted by July 27, 2026, and that they are targeting a mid-2027 completion of the transaction.

The companies claim the combined network would offer shippers single-line transcontinental rail service and project shipper savings of an estimated $3.5 billion annually, though these figures are forward-looking estimates from the companies themselves.

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