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.
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?
The voting trust derailed Canadian National’s effort to acquire KCS not CP.