Union Pacific and Norfolk Southern UP-NS Merger Application Filing (STB Review)

Union Pacific (UP) Proposed Merger Application Opposed by BNSF

December 19, 2025

Transportation

BNSF CEO Katie Farmer issued a statement opposing Union Pacific’s (UP) proposed merger, citing long-term competitive harms and risks of service failures. The statement responds to UP’s merger application filing with the U.S. Surface Transportation Board (STB) and says BNSF plans to continue seeking benefits through partnership and collaboration rather than the proposed merger.

Union Pacific to Acquire Norfolk Southern in $85 Billion Transcontinental Railroad Merger

August 18, 2025

Transportation

Union Pacific Corporation and Norfolk Southern Corporation announced a definitive agreement to merge, creating a coast-to-coast “transcontinental railroad” network spanning over 50,000 route miles across 43 states. Under the deal terms, Norfolk Southern shareholders will receive 1 Union Pacific share and $88.82 in cash for each share of Norfolk Southern, valuing Norfolk Southern at an enterprise value of about $85 billion and targeting about $2.75 billion in annualized synergies.

Canadian National Railway (CN) and Kansas City Southern (KCS) Pursue STB-Approved Voting Trust for Proposed Combination

July 7, 2021

Transportation

CN and Kansas City Southern (KCS) submitted arguments to the Surface Transportation Board (STB) supporting approval of a “plain vanilla” voting trust, which is described as an essential step toward the STB’s full review of their proposed end-to-end combination. The companies emphasize that the voting trust prevents premature control of KCS while preserving KCS independence and financial health during review, alongside pro-competitive commitments such as divestiture of a specific 70-mile overlap and an “open gateways” framework.

Canadian Pacific Kansas City Acquires Kansas City Southern in $31 Billion Deal

December 14, 2021

Transportation

Canadian Pacific Railway Limited (CP) agreed to acquire Kansas City Southern (KCS) in a stock-and-cash transaction valued at about USD $29–$31 billion, including KCS debt. The companies placed KCS shares into a voting trust after closing while awaiting Surface Transportation Board (STB) approval, which is expected to determine final control and full integration.

CSX Corporation Acquires Pan Am Railways

April 14, 2022

Transportation

CSX Corporation (CSX) received approval from the Surface Transportation Board and completed its acquisition of Pan Am Railways, expanding CSX's network into New England. The deal brings Pan Am's ~1,200-mile regional rail network and access to multiple ports into CSX's eastern U.S. system to create expanded service opportunities for shippers across the region.

FNB Corporation to Acquire UB Bancorp (Union Bank) in All-Stock Merger

July 21, 2022

Financial Services

UB Bancorp, parent of Union Bank, announced that it has signed a definitive merger agreement under which FNB Corporation will acquire UB Bancorp in an all-stock transaction. The deal is contemplated to close during the fourth quarter of 2022, subject to regulatory approval and UB Bancorp and FNB shareholder approvals.