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Union Pacific CEO Jim Vena hopes to file the application to acquire Norfolk Southern before December, he said on a Q3 earnings call Thursday.

Why it matters: The railroad had said it planned to submit the paperwork for the $85 billion deal to the Surface Transportation Board by late January.

What they're saying: "It sure will not take us until January to get this done," Vena told analysts on the call. "We're into getting the deal done as soon as possible."

"If you talk to some people on the team, they're saying, 'Jim Vena, would you give us a little bit of time?' And the answer is no," he added.

"I'm hoping we can do everything we can to have it in by the end of November or, [at] the latest, early December, so that we can have the application in and get that process moving."

Catch up quick: President Trump has indicated support for the deal, and he fired Robert Primus, the Democrat STB member who was the lone dissenter to the most recent Class I railroad merger of Canadian Pacific and Kansas City Southern.

Union Pacific got the SMART-TD union aboard with a landmark agreement to preserve all existing union jobs for life post-merger.

The deal includes a $2.5 billion breakup fee if regulators block it or Norfolk Southern receives a topping offer.

Zoom in: More than 400 customers and 1,200 stakeholders have sent letters in support of the application, said Kenny Rocker, Union Pacific EVP of marketing and sales.

The other side: Competitors and chemical manufacturers are among the critics who plan to urge federal regulators to reject the merger.

State of play: While competitor railroads and critics plan to remind regulators of the service issues that accompany railroad M&A, the industry is hurtling toward endgame consolidation.

A Union Pacific-Norfolk Southern merger would cut the number of U.S.  Class I railroads down to three.

What's next: Union Pacific and Norfolk Southern shareholders are scheduled to vote on the deal Nov. 14.

The bottom line: The faster the deal gets done, the better for Union Pacific.

Union Pacific aims to file Norfolk Southern merger application before Dec. 1

The railroad had said it planned to submit the paperwork for the $85 billion deal to the Surface Transportation Board by late January.

Illustration of an American flag with a railroad track being built on one of the stripes with little construction workers

Union Pacific CEO Jim Vena hopes to file the application to acquire Norfolk Southern before December, he said on a Q3 earnings call Thursday.Why it matters: The railroad <a class="gtmContentClick" data-vars-link-text="had said" data-vars-click-url="https://www.axios.com/pro/supply-chain-deals/2025/08/07/union-pacific-norfolk-southern-must-prove-merger-is-in-the-public-interest" data-vars-content-id="bd787a03-4ecb-41f3-b59c-f537c7614581" data-vars-headline="Union Pacific aims to file Norfolk Southern merger application before Dec. 1" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/supply-chain-deals/2025/08/07/union-pacific-norfolk-southern-must-prove-merger-is-in-the-public-interest" target="_self">had said</a> it planned to submit the paperwork for the <a class="gtmContentClick" data-vars-link-text="$85 billion deal" data-vars-click-url="https://www.axios.com/2025/07/29/union-pacific-norfolk-southern-stb-85-billion" data-vars-content-id="bd787a03-4ecb-41f3-b59c-f537c7614581" data-vars-headline="Union Pacific aims to file Norfolk Southern merger application before Dec. 1" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/07/29/union-pacific-norfolk-southern-stb-85-billion" target="_self">$85 billion deal</a> to the Surface Transportation Board by late January.

Union Pacific aims to file Norfolk Southern merger application before Dec. 1

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