US Transportation Board Rejects Union Pacific Merger Application as Incomplete
The Surface Transportation Board rejected the $85 billion Union Pacific and Norfolk Southern merger filing as incomplete. Regulators cited missing projections.
Insights:
The U.S. Surface Transportation Board announced on Friday, January 16, 2026, that it has rejected the $85 billion merger application between Union Pacific Corporation and Norfolk Southern Corporation . The regulatory body ruled the filing incomplete without prejudice, effectively sending it back for revision rather than blocking the deal entirely. This decision marks the first time a major railroad merger has been reviewed under the more stringent competition standards established in 2001.
