Not Another Houston

MERGER TIMELINE TO DATE

  • July 28, 2025 – Union Pacific and Norfolk Southern reach merger agreement
  • July 29, 2025 – Union Pacific announced its intent to file for a merger with Norfolk Southern, which publicly announced a $85 billion deal.
  • July 30, 2025 – Surface Transportation Board (STB) receives Notice of Intent
  • November 14, 2025 – Shareholders approve merger (99%+ approval from both companies)
  • December 19, 2025 – UP and NS file 7,000-page merger application with STB
  • December 29, 2025 – Deadline for public comments on application completeness
  • January 2, 2026 – Railroads’ reply to completeness comments due
  • January 16, 2026 – STB REJECTS APPLICATION AS INCOMPLETE
    • Missing required market share projections
    • Incomplete merger agreement documentation
    • Inadequate competitive impact analysis
  • February 17, 2026 – Deadline for UP/NS to notify STB if they will refile
    • UP has announced its intent to refile by April 30, 2026

 June 22, 2026 – STB Deadline for revised application

What comes next

The new application will be filed

  • New Application will be submitted (likely by April 30, 2026)
  • The Surface Transportation Board makes a decision to accept or reject the application 30 days after filing
  • Comments on the application are open during that time, and the deadline is announced.

The application will be accepted or rejected

If the application is accepted, a new round of comments will open.

  • This includes support or opposition for the application for 45 days
  • responsive applications – including those seeking relief either as a condition or in lieu of approval of the primary application are due within 90 days.

record building begins

The board will build a record by receiving additional filings from interested parties, including replies to earlier filings, rebuttal to applications, final briefs, and possible hearings. This process takes anywhere from 90 days to 12 months.

The evidentiary proceeding ends 12 months after acceptance, after which a decision is issued.

  • If mitigation, concessions, and relief are accepted, they will be documented and followed during the oversight period.

You can see an example schedule here: