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Union Pacific-Norfolk Southern deal could be start of US rail merger wave

By Curtis Eichelberger ( August 26, 2025, 14:00 GMT | Comment) -- Union Pacific’s proposed $85 billion acquisition of Norfolk Southern would be the biggest railroad merger ever and has become the subject of great analysis and public debate. But to the regulators reviewing the merger, there is much more at stake than this one merger. For the Surface Transportation Board, America’s railroad regulator, this merger is potentially the first domino in what could be a series of future railroad tie-ups. As part of its merger review, the STB must analyze how allowing this one deal could trigger others, and the impact that could have on America’s transportation infrastructure. Union Pacific’s proposed $85 billion acquisition of Norfolk Southern would be the biggest railroad merger ever and has become the subject of great analysis and public debate. But to the regulators reviewing the merger, there is much more at stake than this one merger....

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