
WASHINGTON — Union Pacific and Norfolk Southern plan to file their merger application with the Surface Transportation Board on or before Jan, 29, 2026, according to a notice of intent filed with the Surface Transportation Board today (July 30, 2025).
That notice of intent, also known as a prefiling notification, is required under the board’s merger rules. It officially initiates the regulatory review process. As the railroads had indicated in announcing their merger plans, the planned transaction would make NS a wholly owned subsidiary of UP. They do not plan to use a voting trust — the mechanism which derailed Canadian Pacific’s effort to acquire Kansas City Southern in 2021 when the STB denied its use [see “Federal regulators reject CN plan …,” Trains News Wire, Aug. 31, 2021].
The prefiling notification gives UP and NS three to six months to submit their merger application. Once filed, the board will assess the completeness of the application and set a schedule for the review process. A second filing by the railroads proposes a procedural schedule for the board’s review, calling for a decision within 390 days of the application date and the effective of the decision 30 days after that.
The board had previously posted a Frequently Asked Questions and sample timeline for a potential merger [see “STB creates merger resources pages …,” News Wire, July 25, 2025]. The timeline calls for a 19- to -22-month period for a merger decision starting with the prefiling.
” They do not plan to use a voting trust — the mechanism which derailed Canadian Pacific’s effort to acquire Kansas City Southern in 2021 when the STB denied its use…”
It was CN that was denied, not CP. For some reason, CP got special dispensation to acquire KCS. Under the OLD rules. They called it a merger but it was never a merger. From the minute they became one, KCS simply ceased to exist. Oh yes, they called the railroad CPKC which looks like a railroad merged with a city. And to further instill that idea, just try to find a reference to KCS on any CPKC engine not of KCS heritage. Its there, on the prominent CP Beaver shield, but in such small type you have to have binoculars standing lineside, next to a CPKC branded loco, if you can find one. Of course, with very few locomotive painted in CPKC Corp colors, they might as well have kept the CP Name and dirty red engines, as much difference as it would have made. OH WELL…
Sorry Anthiny, I should have read all the posts before I commented as you already had…
Er… Abthony… my bad…
Remember that this huge deal is expected to close in early 2027.
Dr. Güntürk Üstün
Since this is being posted by UP as a buy out the word merger appears inconsistent. Maybe another word?
Yes, financially it’s an acquisition rather than a merger of equals, but the meshing of operations, the main focus of regulators, will involve quite a bit of digestion, and indigestion. There will be no swallowing NS whole.
How about “transaction” but acquisition works too.
The voting trust derailed Canadian National’s effort to acquire KCS not CP.