Norfolk Southern said on December 19, 2025 it filed an application with the Surface Transportation Board requesting approval to combine with Union Pacific, and the two companies entered into a merger agreement on July 29, 2025.

1. 01

   Norfolk Southern said on December 19, 2025 it filed an application with the Surface Transportation Board requesting approval to combine with Union Pacific, and the two companies entered into a merger agreement on July 29, 2025.

2. 02

   The company said the application, which runs approximately 7,000 pages, includes 2,000 letters of support from stakeholders, and shareholders voted 99% in favor of the merger.

3. 03

   The company said the combination will convert 10,000 existing lanes from interline service into single-line service and reduce daily rail car and container handlings by approximately 2,400. It added that competitive shipping alternatives will be maintained for 3 customer locations served by the two companies alone.

4. 04

   The company said it anticipates $2.1 billion of incremental capital investment to support synergies and expects $133 million in annual capital synergies. Norfolk Southern said the transaction is subject to STB review and approval and expects completion by early 2027.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.