NSC

OMAHA, Neb. & ATLANTA, September 22, 2026--Union Pacific Corporation (NYSE: UNP) and Norfolk Southern Corporation (NYSE: NSC) today acknowledged two significant milestones in the creation of America’s first transcontinental railroad, which will eliminate time-consuming interchanges between railroads and strengthen the nation’s supply chain.

Union Pacific says the Surface Transportation Board rejected opponents’ request to dismiss the merger application without review. The decision means the merger will continue to be examined by the board.

Shippers, including those in chemicals and fertilizers, argue that the Union Pacific and Norfolk Southern merger could hurt competition. The Surface Transportation Board has denied their request to dismiss the merger.

Among the major deals in focus are Paramount Skydance and Warner Bros. Discovery’s merger, Fertitta Entertainment’s acquisition of Caesars Entertainment, Norfolk Southern’s merger with Union Pacific, and FedEx’s acquisition of InPost.

Union Pacific CEO Jim Vena is critical of rival railroads’ plans to request trackage rights over a combined UP-Norfolk Southern system. “The idea to give up tracks of your railroad for no reason at all just goes against the fundamental principle of how … business should work,” Vena told an investor conference.

Norfolk Southern (NYSE:NSC) said higher fuel prices are expected to pressure its operating ratio in the second half of the year, reversing the tailwind management had anticipated just two months earlier, while the railroad sees opportunities to gain freight share from trucking and continue investing

CSX plans to seek broad access rights if the Union Pacific–Norfolk Southern merger is approved. The company wants entry to key corridors and shared terminals that could be controlled by the merged operator.