LINCOLN, Neb. — Legislation designed to provide tax incentives to keep Union Pacific’s headquarters in Omaha faced no opposition during a hearing in the Nebraska Legislature on Wednesday, Feb. 25. While Legislative Bill 1165 does not mention UP, its sponsor, state Sen. Brad von Gillern (R-Elkhorn), told the Revenue Committee hearing that it’s no secret […]
MIAMI — Canadian Pacific Kansas City CEO Keith Creel says the Surface Transportation Board’s rejection of the initial Union Pacific-Norfolk Southern merger application shows the $85 billion transaction is not a done deal. “I’m not drinking the merger Kool-Aid that this thing’s going to get approved. It may or it may not,” Creel told an […]
MIAMI BEACH, Fla. — Union Pacific’s plans to submit its revised Norfolk Southern merger application slipped from March to April after federal regulators clarified how certain data must be formatted, UP CEO Jim Vena says. On Tuesday, UP and NS told the Surface Transportation Board that they would file their updated merger application on April […]
WASHINGTON — Union Pacific and Norfolk Southern will submit their revised merger application on April 30, the railroads informed the Surface Transportation Board today. The STB on Jan. 16 rejected the original 6,692-page application as incomplete. The railroads initially expected to file the revised application as early as March. Regulators pointed out that their decision […]
WASHINGTON — Top legal officials in seven Republican states are asking the U.S. Department of Justice to scrutinize the proposed Union Pacific-Norfolk Southern merger. The group of state attorneys general led by Montana’s Austin Knudsen claim that the east-west consolidation will stifle competition and increase costs for Americans. The coalition in a letter asks Acting […]
WASHINGTON — Republican members of Congress today urged the Surface Transportation Board to conduct a thorough review of the proposed merger of Union Pacific and Norfolk Southern — and to reject the deal if it does not meet the high standards set by the board’s merger rules set in 2001. Rep. Dusty Johnson of South […]
MONTREAL — Union Pacific and Norfolk Southern have “a long way to go” to address issues with their merger application, Canadian National CEO Tracy Robinson said during the company’s quarterly earnings call today (Friday, Jan. 30). “It is not at all clear that the transaction as proposed addresses many of the questions around the negative […]
OMAHA, Neb. — Union Pacific expects to file its revised Norfolk Southern merger application in March, CEO Jim Vena said on the railroad’s earnings call on Tuesday. The Surface Transportation Board on Jan. 16 rejected the railroads’ 6,692-page merger application as incomplete. The application, filed on Dec. 19, didn’t include enough information on post-merger market […]
BERKELEY, Ill. — Seven suburban communities along Union Pacific’s east-west main line are organizing to pursue representation in the UP-Norfolk Southern merger proceedings. A memorandum to the president and board of the Village of Berkeley in Cook County says the community was contacted by the other six communities — Elmhurst, Lombard, Glen Ellyn, Wheaton, and […]
WASHINGTON — The Union Pacific-Norfolk Southern merger application omits $2.69 billion in additional costs that intermodal marketers will incur if the railroads’ deal diverts the promised 2 million loads off the highway, according to an analysis submitted to federal regulators. The railroads’ traffic diversion projection is a key part of their case that the merger […]
SCHAUMBURG, Ill. — While the CEOs of BNSF, CPKC, and Union Pacific squared off on the pros and cons of the UP-Norfolk Southern merger at the Midwest Association of Rail Shippers winter meeting, the fourth Class I representative on the agenda — Janet Drysdale, Canadian National chief commercial officer, took another path. Mostly. “I will not […]
WASHINGTON — Other railroads were not the only parties welcoming the Surface Transportation Board’s decision to reject the initial application for the Union Pacific-Norfolk Southern merger. Shipper groups also voiced their approval. The board, citing three areas in which it said the almost 7,000-page application was incomplete, rejected the UP-NS application on Friday, Jan. 16 […]
