Union Pacific and Norfolk Southern defend revised merger filing as STB review deadline nears

Union Pacific (NYSE: UNP) and Norfolk Southern (NYSE: NSC) told the Surface Transportation Board on May 12, 2026, that their revised merger application is “comprehensive and complete,” pushing back against rivals’ requests to reject the amended filing. The response addresses issues that led regulators to reject the initial application: market-share data, the status of the Terminal Railroad Association of St. Louis and full merger documents. The companies said the revised filing uses the best available data on traffic changes, states they will not seek control of TRRA and includes previously missing terms allowing Union Pacific to exit the deal. The revised application was filed April 30, 2026. The STB has until May 30, 2026, to decide whether to accept or again reject the application as incomplete. BNSF (NYSE: BRK-B), Canadian Pacific Kansas City (NYSE: CP), Canadian National (NYSE: CNI) and CSX (NASDAQ: CSX) raised objections, including concerns over terminal control, market-share presentation and potential future Class I rail mergers.