Union Pacific resubmits Norfolk Southern merger application
Illustration: Brendan Lynch/Axios
Union Pacific resubmitted its application to merge with Norfolk Southern to the federal Surface Transportation Board on Thursday.
Why it matters: The $85 billion proposed deal requires approval from the regulator, which rejected the initial application as incomplete on Jan. 16.
The latest: The application was revised to include key items the STB said were left out in the railroad's initial submission, including:
- Additional support for the claim that the deal would take 2 million truckloads off U.S. roads, saving $3.5 billion annually.
- The full merger agreement, including conditions under which the railroads could walk away from the deal.
What they're saying: "This merger enhances competition and delivers real public benefits that make America's supply chain stronger," Union Pacific CEO Jim Vena said in the announcement.
What's next: The STB has another 30 days to review the resubmitted application to determine whether it is complete.
- Stakeholders will have another chance to weigh in on the completeness of the revised application.
- If and when the board deems the application is complete, the 12- to 18-month process of reviewing the deal's public interest can begin.
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