NORFOLK (dpa-AFX) - Tuesday, Union Pacific Corp. (UNP) and Norfolk Southern Corp. (NSC) announced that the Surface Transportation Board or STB has unanimously denied merger opponents' requests to dismiss the companies' revised merger application.
This move allows the board to continue its review of the most comprehensive merger analysis ever submitted in support of a major rail transaction.
The facts provided in the application suggest that a seamless, coast-to-coast railroad will provide customers with more efficient and affordable freight transportation options and remove more than 2 million truckloads from taxpayer-funded highways.
Also, the International Association of Sheet Metal, Air, Rail and Transportation's Railroad Mechanical Department has entered a jobs-for-life agreement with the railroads. The company added that the merger has support from a majority of unions representing Union Pacific and Norfolk Southern employees.
The two companies expect the transaction to be completed in the second half of 2027.
Currently, UNP is trading at $270.97, up 0.50 percent and NSC is trading at $311.13, up 0.67 percent on the NYSE.
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