Union Pacific

TD Cowen: Takeaways From the Next-Gen Freight Rail Conference

CHICAGO ––RAILWAY AGE NEXT-GEN FREIGHT RAIL CONFERENCE, MARCH 10, 2026: Union Pacific sees end-to-end scale and past merger lessons supporting its consolidation case with Norfolk Southern, but peers flag competition loss and gateway risk. Union Pacific noted that it is talking to several Class I carriers behind the scenes, potentially paving the way for some concessions. The Surface Transportation Board is streamlining environmental permitting and is committed to overhauling switching rules.

Former Rail Executive: UP-NS Deal Likely to Get Done & Other Views –– Commentary From TD Cowen Via Railway Age

NEW YORK –– We hosted a former Class I CEO to review the recent Union Pacific-Norfolk Southern merger application. He sees a very strong filing with acceptance likely though not until 2027. The CGP (Committed Gateway Pricing) solution enhances competition and should pass STB’s test. The network plan supports disclosed truck conversion opportunities in transcontinental and watershed lanes. Competitors are likely compelled to adapt and could eventually propose their own combinations.

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WIR Conference 2025: Connecting, Inspiring, Innovating

Railway Age and Railway Track & Structures on Oct. 15-16 hosted the third-annual in-person Women in Rail Conference with a packed lineup of influential women and their allies, who shared experiences, celebrated achievements, and discussed the future

Norfolk Southern Shareholders Approve Merger with Union Pacific

ATLANTA –– Norfolk Southern Corporation today announced that its shareholders voted overwhelmingly, with nearly 99% of the shares cast in favor, to approve its previously announced transaction with Union Pacific at the company’s Special Meeting of Shareholders (the “Special Meeting”) held earlier today.