JACKSONVILLE, Fla. — New CSX CEO Steve Angel says his focus will be keeping the railroad running well every day while waiting for the right merger deal to come along. Angel, who replaced Joe Hinrichs on Sept. 29, was peppered with merger-related questions during the railroad’s third-quarter earnings call on Thursday afternoon. One Wall Street […]
WASHINGTON — The CEOs of 40 chemical manufacturers warned President Donald Trump today that the proposed Union Pacific-Norfolk Southern merger will reduce rail competition, drive up rates, and make their companies less competitive in global markets. “You have committed to restoring American manufacturing, strengthening domestic supply chains, and outcompeting global rivals and we … fully […]
Union Pacific and Norfolk Southern will hold Nov. 14 shareholder votes seeking investor approval of their proposed $85 billion transcontinental railroad merger. The railroads will each hold separate but simultaneous virtual shareholder meetings, with UP’s scheduled for 8 a.m. Central and NS’s scheduled for 9 a.m. Eastern on Nov. 14, the railroads said in proxy […]
LOWELL, Ark. — J.B. Hunt executives say that if Class I railroad consolidation is really about competing with trucks, it will present an opportunity for the largest domestic intermodal provider to convert freight from highway to rail. And they said during Wednesday’s earnings call that there’s no reason they cannot continue to work with both […]
Why merge — and why merge now? Those were leadoff questions last week at a virtual salon where four industry veterans dissected the forces behind Union Pacific’s proposed acquisition of Norfolk Southern, the untested regulatory road ahead, and the potential ripple effects for shippers, communities, and competitors. Rick Paterson, an analyst with Loop Capital Markets, […]
FORT WORTH, Texas — BNSF Railway says Union Pacific’s proposed acquisition of Norfolk Southern will reduce rail competition, raise rates, curtail service, and likely lead to an operational meltdown. BNSF unveiled a position paper on the UP-NS combination yesterday while encouraging customers to voice their concerns with the Surface Transportation Board, which will review the […]
WASHINGTON — The Surface Transportation Board today proposed a procedural schedule it will follow as part of its review of Union Pacific’s $85 billion acquisition of Norfolk Southern. The schedule the board is proposing slightly tweaks the schedule that UP and NS outlined in July. The railroads had proposed reducing the amount of time the […]
The SMART-TD union today said it would back Union Pacific’s acquisition of Norfolk Southern under an agreement that ensures job security for rank and file members who work in train and yardmaster service. Union Pacific said SMART-TD employees would not face involuntary furloughs as a result of the merger and would have job protection for […]
Trains Turntable: Commentary from Matthew K. Rose Union Pacific and Norfolk Southern railroads have proposed a merger — what could possibly be wrong with a transcontinental railroad? First, there exists no financial crisis in the rail industry, like that which drove the significant consolidation in the freight rail industry over the last 30 years. The […]
WASHINGTON — President Donald Trump on Friday said he approved of the proposed $85 billion merger between Union Pacific and Norfolk Southern. In Oval Office remarks reported by White House media, Trump said the tie-up that would create the first transcontinental freight railroad “sounds good to me. Union Pacific is a great railroad.” Trump also […]
Back in the day when railroads were squeezed under the thumb of the Interstate Commerce Commission and saddled with money-losing passenger service and dying branch lines, Class I railroads went through merger after merger to fend off financial collapse. The goal of those combinations was to eliminate duplicate routes, yards, shops, and headquarters in the […]
OMAHA, Neb. — Union Pacific CEO Jim Vena and Norfolk Southern CEO Mark George first broached the possibility of a transcontinental merger during an otherwise routine phone call on Dec. 18, the railroads disclosed in a preliminary shareholder proxy filed on Tuesday. The proxy form provides a detailed timeline for their merger discussions, including the […]
