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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 […]
WASHINGTON — The Rail Customer Coalition, which represents the manufacturing, agriculture, and energy industries, has told federal regulators that Union Pacific’s proposed acquisition of Norfolk Southern will stifle rail competition and drive up costs. “Past rail mergers have shown what happens when consolidation goes unchecked: service suffers, costs increase, and jobs disappear,” the coalition wrote […]
Union Pacific and Norfolk Southern today became the latest railroads to partner on new interline intermodal service. UP and NS today said they would launch domestic service linking Louisville, Ky., with Los Angeles and Lathrop, Calif.; Seattle; Portland, Ore.; Salt Lake City and Houston beginning in mid-October. The railroads will exchange the traffic via steel-wheel […]
President Donald Trump, in an appearance on Fox & Friends this morning, praised Union Pacific CEO Jim Vena and said the railroader offered suggestions on where the administration should call up the National Guard to fight urban crime. Vena met with Trump and other administration officials at the White House on Tuesday regarding UP’s $85 […]
LAGUNA BEACH, Calif. — Canadian National and CSX executives today touted cooperation — not combination — as the best way to convert freight from highway to rail. While Union Pacific has proposed an $85 billion acquisition of Norfolk Southern to create the first transcontinental railroad in the U.S., CN CEO Tracy Robinson says interline partnerships […]
LAGUNA BEACH, Calif. — Norfolk Southern CEO Mark George says the rail industry is ready to put periodic service crises in the rearview mirror — and regain market share lost to trucking in the process. “We went through … more than a decade where service crises happened every couple of years,” George told an investor […]
LAGUNA BEACH, Calif. — Union Pacific CEO Jim Vena and Norfolk Southern CEO Mark George say the interline partnerships that BNSF, CSX, and Canadian National have announced recently are proof that the proposed UP-NS merger will boost railroad competition. “Just the mere idea of having a transcontinental railroad has already enhanced competition … And I […]
WASHINGTON — The Justice Department and Norfolk Southern today reached a settlement in the right of preference lawsuit the government brought last year regarding the railroad’s handling of Amtrak’s Crescent. The Justice Department — in only the second case of its kind since Amtrak was granted the right of preference in 1973 — had alleged […]
WASHINGTON — The trade group representing chemical manufacturers says a Union Pacific-Norfolk Southern merger would reduce rail competition and increase freight rates, which in turn will contribute to inflation that will harm American consumers, manufacturers, and farmers. “The additional costs that are the likely result of this merger are ultimately going to hit everyday Americans,” […]
What a week this was for unexpected twists and turns in the Class I railroad merger landscape. First, on Monday Berkshire Hathaway Chairman Warren Buffett said the company would not bid on CSX or Norfolk Southern, which had been viewed as potential merger partners for the Berkshire-owned BNSF Railway. A BNSF-CSX combination, in particular, had […]
WASHINGTON — The Justice Department yesterday urged the Surface Transportation Board to closely scrutinize Norfolk Southern’s bid for full control of the Norfolk & Portsmouth Belt Line, warning that the move could choke off competition at one of the Port of Virginia’s intermodal terminals. The Justice Department’s Antitrust Division said the 129-year-old Belt Line — […]
Refrigerated intermodal company C.R. England Trucking and transloading and logistics firm The Transload Group on Monday announced their support for the Union Pacific-Norfolk Southern merger, citing the benefits of a transcontinental rail operator. The Salt Lake City-based C.R. England said it offered “strong support” for the merger, saying it believes the “coast-to-cost integration marks a […]
