Overview

• The Surface Transportation Board posted a formal notice of intent on July 30, starting a review that requires Union Pacific and Norfolk Southern to file a merger application by January 29, 2026
• Public comment is now open on the proposed deal, the first rail merger to be examined under the STB’s stricter 2001 competition guidelines
• SMART Transportation Division plans to petition against the transaction, warning of safety risks and demanding labor representation in integration planning
• Historical precedents show that past Class I rail consolidations under Precision Scheduled Railroading triggered nationwide service meltdowns and prompted regulatory moratoriums
• Shippers and analysts caution that combining the networks could disrupt intermodal hubs, strain trucking partnerships and accelerate a shift toward a two-carrier national rail system