Rail freight stakeholders can mark their calendars as Union Pacific (NYSE:UNP) and Norfolk Southern (NYSE:NSC) have set December 19 as the date to file their formal merger application with federal regulators.
This date for the filing, which covers the creation of the first freight-only transcontinental railroad, was revealed in a document advising of a delayed submission to the Surface Transportation Board (STB) on December 5.
The filing date is later than the December 16 date previously mentioned by UP Chief Executive Jim Vena.
The filing of the extensive document—which Union Pacific has indicated will span approximately 4,000 pages—will trigger the start of the STB's review process.
According to the STB's timeline, the agency has a statutory 30-day period following the filing to review the application solely for completeness.
Once deemed complete, the STB formally accepts the application, a step that does not involve any evaluation of the merger’s merits.
While the 2023 merger of Canadian Pacific and Kansas City Southern ran to 10,000 pages, the proposed consolidation of Union Pacific and Norfolk Southern is expected to generate a greater volume of documentation and data for review than any previous rail merger.
This is particularly significant as this consolidation will be the first major test of the more stringent review criteria adopted by the STB after the period of intense railroad consolidation in the 1990s.