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Onus on Union Pacific, Norfolk Southern to pass US STB’s cost-benefit test

By Ilana Kowarski and Curtis Eichelberger ( August 20, 2025, 19:47 GMT | Comment) -- Union Pacific’s proposed acquisition of Norfolk Southern requires the blessing of the US Surface Transportation Board, which will — for the first time ever — apply toughened merger evaluation criteria for Class I railroads. The merging railroads must prove to the STB that their transaction is likely to do more good than harm and that the benefits of the deal are impossible to achieve without consolidation. Given the potentially transformative impact the merger could have on the rail sector, clearing the STB’s high bar for approval will be challenging. Union Pacific’s proposed acquisition of Norfolk Southern requires the blessing of the US Surface Transportation Board, which will — for the first time ever — apply toughened merger evaluation criteria for Class I railroads....

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