The Surface Transportation Board announced Friday a unanimous decision finding that the merger application filed by Union Pacific (UNP) and Norfolk Southern (NSC) on December 19, 2025, is “incomplete because it does not contain certain information required by the Board’s regulations.” Under the law, the “Board therefore must reject the application, and does so without prejudice to Applicants refiling a revised application remedying the deficiencies identified in the decision,” the agency said in a statement. The decision “is based solely on the incompleteness of the December 19 application and should not be read as an indication of how the Board might ultimately assess any future revised application,” it added.
Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on UNP:
- Hub Group upgraded to Outperform at Evercore ISI on rail tie-up benefit
- CN files motion to force disclosure in UP-NS merger review
- Union Pacific price target raised to $270 from $267 at JPMorgan
- Wayfair upgraded, Instacart initiated: Wall Street’s top analyst calls
- Union Pacific: Long-Term Upside from Norfolk Southern Merger Tempered by Heightened Regulatory and Consolidation Risks, Justifying Hold Rating