The proposed merger of Union Pacific and Norfolk Southern took a procedural step forward today as the railroads submitted the first portion of additional data requested by the Surface Transportation Board (STB), according to FreightWaves.
STB Conditional Acceptance and Data Deadline
The STB conditionally accepted the revised merger application on May 28 and set a July 27 deadline for the partners to submit the required additional information. Union Pacific (NYSE: UNP) and Norfolk Southern (NYSE: NSC) earlier stated that the data would come in two filings. The start of the formal evaluation and environmental review of the proposed $85 billion merger was delayed pending the new submissions, though the STB spent months gathering data prior to the railroads’ initial merger application in December 2025.
Key Issues Addressed: TRRA, KCT, and TTX
Tuesday’s filing addresses the STB’s questions regarding control of local railroads Terminal Railroad Association of St. Louis (TRRA) and Kansas City Terminal Railway (KCT), and freight car equipment cooperative TTX. According to FreightWaves, TRRA is jointly owned by UP, BNSF (NYSE: BRK-B), CSX (NASDAQ: CSX), CN (NYSE: CNI), and NS, with UP having the largest share. KCT is shared by BNSF, UP, NS, and Canadian Pacific Kansas City (NYSE: CP).
Union Pacific and Norfolk Southern reiterated in their filing that they do not control TRRA and KCT, which handle interchange traffic between Class I carriers. They offered to divest their stakes in order to preserve that neutrality.
| Terminal | Owners |
|---|---|
| Terminal Railroad Association of St. Louis (TRRA) | UP (largest share), BNSF, CSX, CN, NS |
| Kansas City Terminal Railway (KCT) | BNSF, UP, NS, Canadian Pacific Kansas City |
Opposition and Neutrality Claims
The railroads did not mince words regarding opposition from other Class I carriers. "In particular, for the TRRA, the filing provides clear evidence that the other Class I railroads who are vocally opposing the merger are using the TRRA as a pawn in their efforts to stop or delay the merger," UP and NS stated in the release. They added that no representatives from the other railroads attended a special meeting of TRRA to discuss post-merger ownership.
Second Filing and Merger Timeline
The second filing is expected to cover the enhanced competition aspects of the merger stipulated by the STB. The railroads said that they are committed to working with the STB toward a mid-2027 completion of the merger.
Watch List
- Second data filing: Expected to focus on competition enhancements and may draw further scrutiny from the STB and opposing railroads.
- July 27 deadline: Full submission of all requested data must be received by this date to keep the formal evaluation process on track.
- Mid-2027 target: The proposed completion date hinges on timely regulatory reviews and resolution of outstanding objections from other Class I carriers.
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