Union Pacific–Norfolk Southern Merger Application

https://www.up-nstranscontinental.com/news-details/union-pacific-and-norfolk-southern-affirm-strength-of-merger-application-and-offer-unprecedented-new-customer-assurances
OMAHA & ATLANTA, July 27, 2026 – Union Pacific (NYSE: UNP) and Norfolk Southern (NYSE: NSC) today enhanced their merger application by offering customer protections that go beyond those provided in any prior rail merger. The new commitments are provided with the supplemental information requested by the Surface Transportation Board (STB) when it accepted the companies’ merger application as complete on May 28, 2026.
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“We are more confident than ever that creating America’s first transcontinental railroad is good for America. The merger will provide our customers faster, more reliable and efficient coast-to-coast service from day one and create cost savings that will flow through to consumers,” said Union Pacific CEO Jim Vena. “We talk to our customers every day, and as we listened to them and reviewed the STB’s comments, we saw opportunities to provide additional assurances through an unprecedented set of voluntary commitments to our customers.”
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Today’s filing includes four new or expanded commitments:

• New Competitive Opportunities. The combined railroad will significantly expand Committed Gateway Pricing (CGP), doubling the number of eligible shipments, and extending benefits to bulk unit train shippers. The expanded program is the functional equivalent of thousands of haulage agreements in a single enforceable commitment, creating even more opportunities for customers to benefit from the merger.
•  Expanded Customer Protections. The railroads will preserve Class I rail options for 3-to-2 shippers as well as 2-to-1 shippers, where they can legally grant access to another railroad. No prior rail merger has included a similarly broad commitment to preserve 3-to-2 access.
• New Service Level Protections. In the unlikely event that service performance declines during merger integration, customers will be able to obtain temporary access to alternative rail service. This commitment provides an additional safeguard to help keep freight moving if unexpected service issues arise.
• Stronger Oversight. If the merger’s public benefits are not being delivered in a timely manner, customers will gain access to a new rate relief process. Combined with the new integration period service protection, this new process provides added accountability to customers. 

“The public benefits of our merger are clear,” said Norfolk Southern President and CEO Mark George. “A stronger supply chain makes American businesses more competitive. Shifting freight from road to rail reduces wear on taxpayer-funded roads, improves safety, relieves congestion and lowers emissions. Reinvigorating the rail industry creates high-paying union jobs.”
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With today’s filing, Union Pacific and Norfolk Southern have completed their responses to the STB’s requests for supplemental information. In a previous filing on July 7, the companies reaffirmed they have no interest in controlling the jointly owned Terminal Railroad Association of St. Louis (TRRA), Kansas City Terminal Railway (KCT) or TTX Company and provided options for implementing that commitment. Union Pacific’s new binding agreement with CN directly resolves the TRRA and KCT ownership questions by transferring Norfolk Southern’s interests to CN.
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As the Board continues its review of the merger application, Union Pacific and Norfolk Southern expect the transaction to be completed in mid-2027. 

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About Union Pacific

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

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About Norfolk Southern

Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com

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Contacts

Union Pacific Media Inquiries:

media@up.com

Union Pacific Investor Inquiries:

Diana Prauner

402-544-4227 or dprauner@up.com

Norfolk Southern Media Inquiries:

media.relations@nscorp.com

Norfolk Southern Investor Inquiries:

Investor Relations