Union Pacific (UP) Proposed Merger Application Opposed by BNSF

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

December 19, 2025

Transportation

Union Pacific (UP) and Norfolk Southern (NS) filed a merger application with the Surface Transportation Board (STB) for regulatory review. Canadian Pacific Kansas City (CPKC) stated it is reviewing the filing and will assess compliance with major merger rules and whether the proposal is consistent with the public interest, noting approval is not inevitable.

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.

Pet Food Experts Acquires United Pacific Pet

April 27, 2021

Logistics & Distribution

Pet Food Experts (PFX) has signed an asset purchase agreement to acquire the operating assets of United Pacific Pet (UPP), a California-based regional distributor of pet food and supplies. The acquisition expands PFX's footprint in the Western U.S., adding UPP's ~115 employees, a 154,000 sq ft warehouse and service to ~1,500 independent pet retailers across California, Nevada, Arizona and Hawaii.

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.