US transport regulator resumes review of Union Pacific’s proposed Norfolk merger
On Tuesday, the U.S. Surface Transportation Board (STB) announced it has recommenced reviewing Union Pacific's proposed merger with Norfolk Southern. The board emphasized that this action does not equate to approval of the $85 billion deal. After evaluating supplemental information provided by the railroads, the STB deemed it adequate to resume the review process.
The proposed merger, announced in July of the previous year, would establish the first coast-to-coast freight railroad in the United States. This decision outlines a schedule for public comment on the merger, providing stakeholders and regulators ample time to assess its potential impact on the rail industry. Additionally, the STB instructs the companies to resubmit, within ten days, any workpapers that were previously filtered or screened, enabling the board to thoroughly examine the complete dataset.
The STB declined the companies' request for an expedited proceeding concerning their intended divestiture of control over the Terminal Railroad Association of St. Louis. Furthermore, the board emphasized that all unfiltered workpapers must be filed by August 28, 2023.
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