Timeline: Tracking the Union Pacific–Norfolk Southern Merger
Summary
The article provides a clear timeline of the proposed $85bn merger between Union Pacific (UP) and Norfolk Southern (NS), from the July 2025 agreement through the STB filing and the current completeness review in early January 2026. It outlines the regulatory steps ahead, key milestones already passed, and the parties’ target timetable for closing the deal.
Key Points
- July 28–29, 2025: UP and NS agree an approximately $85bn merger to create a coast-to-coast freight rail network spanning ~50,000 miles and connecting about 100 ports.
- November 2025: Shareholders for both companies vote overwhelmingly (about 99% in favour), clearing corporate approvals.
- 19 December 2025: The merger application is formally filed with the Surface Transportation Board (STB), a multi-thousand-page submission required under STB rules.
- 29 December 2025: Deadline for stakeholders to comment on whether the STB filing is complete (not the merits of the deal).
- 2 January 2026: UP and NS file replies defending the completeness of their application after rivals and others argued it was lacking.
- Early January 2026: The STB is reviewing whether the application is complete — this gate determines whether the substantive merits review can begin.
- If accepted, the STB will set a procedural schedule for merits comments, evidence, hearings and reply periods; substantive review will likely stretch through 2026 into early 2027.
- UP/NS hope to complete the merger in early 2027, but the agreement expires on 28 January 2028 (extendable if review takes longer).
Content Summary
The piece is a straightforward timeline rather than an opinion or deep analysis. It tracks the transaction’s corporate approvals and the administrative steps at the STB — especially the current completeness determination that functions as a critical procedural gate.
The article explains what the completeness review means: if the STB finds the filing incomplete, UP and NS must supplement or refile, which would reset procedural clocks and likely push the timetable beyond the companies’ early-2027 target. If accepted, the STB will open a fuller merits phase examining competition, service, safety and public-interest impacts, including filings from rivals, unions and other stakeholders.
Context and Relevance
This merger is one of the largest in U.S. rail history and has major implications for shippers, ports, regional competition and supply-chain resilience. Regulators will scrutinise potential concentration of market power, service impacts, safety and labour concerns — all of which can affect transport costs, routing options and reliability for businesses that depend on rail.
For supply-chain managers, logistics teams and carriers, the timeline signals when to expect regulatory milestones and where material risk to schedules and rates may emerge. The STB’s process will also indicate the degree of opposition from rival carriers, shippers and unions — a key input for contingency planning.
Why should I read this?
Want the quick lowdown without wading through the full STB filing? This timeline gives you the essentials: what happened, what’s happening now, and the dates that could mess with the merger timetable. If your business moves freight, this is worth a skim — it flags when to start watching for big rulings and possible delays.
Author style
Punchy — the article is concise and factual. It saves you time by laying out the sequence and practical implications so you can decide whether to dig into the full filings or update contingency plans.
Source
Source: https://www.supplychain247.com/article/union-pacific-norfolk-southern-merger-timeline