The US Surface Transportation Board (STB) has unanimously rejected the merger application submitted by US Class I railway companies Union Pacific (UP) and Norfolk Southern (NS) as incomplete. From the authority's point of view, the application lacks, in particular, forecasts of future market shares taking into account growth and merger-related transport shifts, as well as appendices and documents that are an integral part of the merger agreement contained in the application. UP and NS have withheld these documents without justification. Both companies announced on the same day that they intend to revise and resubmit their application and must notify the STB by 17th February 2026 whether they will exercise this option. In statements on the completeness of the application, the US Class I railway companies BNSF, CN, CPKC, CSX, and the shippers' association National Grain and Feed Association (NGFA), among others, criticised the application as insufficient.
