Norfolk Southern / Union Pacific — $72bn industrials deal
First transcontinental Class I rail merger tested under the STB's 2001 enhanced-competition standard. HSR-style document submission to DOJ/STB due April 7; application refiling on April 30. BNSF and industry groups organizing opposition.
Significant pushback from industry groups will have an impact on the STB's review, especially if there is a lack of support for the deal. This input is led by the American Chemistry Council as well as from the Chlorine Institute, America's Power, the Agricultural Retailers Association, automotive OEMs and others, as well as competitors such as BNSF, which has been outspoken against the deal. | NSC reported $52mn in Q1 2026 merger-related expenses (10-Q, Apr 24, 2026) — employee retention, advisor fees, legal.
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