UNION PACIFIC  |  NORFOLK SOUTHERN MERGER

Comprehensive Chronological Article Reference

SECTION 1  |  INITIAL RUMORS & ANNOUNCEMENT

July 16, 2025  |  First Rumors

• Semafor  UP working with Morgan Stanley to explore acquisition of a rival  (No public link; widely cited)

July 17, 2025  |  Reports Break Publicly

• Bloomberg  Union Pacific Corp. is exploring an acquisition of Norfolk Southern Corp.

• Reuters / Yahoo Finance  Union Pacific exploring deal to buy Norfolk Southern, WSJ reports

• FreightWaves  Union Pacific, Norfolk Southern in merger talks: WSJ

• Railway Age  Report: UP/NS Merger Afoot?

• Railway Track and Structures  Report: UP/NS Merger Afoot?

• Seeking Alpha  Union Pacific exploring deal to buy Norfolk Southern, WSJ

July 24, 2025  | Companies Confirm Talks

• SEC Form 8-K (Union Pacific)  Official confirmation of advanced discussions

July 28, 2025  |  Deal Imminent Reports

• FreightWaves  Report: Union Pacific, Norfolk Southern could reach merger deal by next week

• FreightWaves  Analysis: What a Union Pacific-Norfolk Southern merger would look like

July 29, 2025  |  Merger Announced

• Norfolk Southern Press Release  Union Pacific and Norfolk Southern to Create America's First Transcontinental Railroad

• Union Pacific Press Release  Union Pacific and Norfolk Southern to Create America's First Transcontinental Railroad

• Norfolk Southern Investor Room  Merger announcement with full deal terms

• FreightWaves  Union Pacific and Norfolk Southern reach $85 billion merger deal

• FreightWaves  CEOs say Union Pacific-Norfolk Southern merger will reverse rail freight decline

• CNBC  Biggest labor union opposes Union Pacific, Norfolk Southern merger  (SMART-TD initial opposition, Day 1)

• SMART-TD  Full initial opposition statement

• SEC Form 425 (Norfolk Southern)  Transcript of Jim Vena and Mark George CNBC interview, July 29

July 30-31, 2025  |  Immediate Reaction

• STB Notice of Intent  STB acknowledges receipt of notice of intent  (STB.gov, Docket FD 36873)

• MHL News  Union Pacific Signs Deal to Merge with Norfolk Southern

• Trucking Dive  Union Pacific and Norfolk Southern agree to merge

• Trains Magazine  CPKC's Creel warns of issues from UP-NS 'endgame' merger  (Creel's first major pushback, CPKC Q2 earnings call)

SECTION 2  |  EARLY OPPOSITION, LABOR, AND CPKC

August 6, 2025  |  Labor and CPKC Reaction

• CNBC  From jobs to safety, biggest railroad union fears 'meltdowns' from Union Pacific-Norfolk Southern merger

August 27, 2025  | CPKC Formal Opposition Statement

• Automotive Logistics  CPKC challenges transcontinental railway merger  (Creel: "a disproportionately large railway whose size and scope would require others to take action")

September 22, 2025  |  SMART-TD Flips to Support

NOTE  SMART-TD reversed its initial opposition after negotiating a job security agreement with Union Pacific guaranteeing lifetime employment for members in train and yardmaster service. The union was immediately criticized by BLET and BMWED for endorsing the merger without first securing an implementing agreement defining enforceable protections.

• SMART-TD / BusinessWire  SMART-TD and Union Pacific Announce Landmark Agreement Securing Jobs and the Future of Railroading

• Union Pacific (UP.com)  SMART-TD and Union Pacific Announce Landmark Agreement

• BusinessWire  Official press release

• SMART-TD  Reactions to the SMART-TD Guarantee with Union Pacific  (SMART-TD defends deal against internal and external criticism)

• Logistics Management  Largest rail union, SMART-TD, signals its support for proposed Union Pacific-Norfolk Southern merger

October 1, 2025  |  BNSF Goes Public

• FreightWaves  BNSF to shippers: Speak up about UP-NS merger

• Yahoo Finance / Sourcing Journal  BNSF Slams Union Pacific-Norfolk Southern Merger, Warns of Lost Competition and Higher Rates

October 20, 2025  |  Policy Opposition

• American Economic Liberties Project  The New Railroad Barons: Why the Union Pacific/Norfolk Southern Railroad Merger Must Be Blocked

October 31, 2025  | CPKC and CN Q3 Earnings Opposition

• Sourcing Journal  'Not in the Public Interest': Canada's Railroads Sound Off on Union Pacific-Norfolk Southern Merger  (Creel: "This is not a layup... the hurdle is going to be high")

• Logistics Management  Union Pacific and Norfolk Southern shareholders overwhelmingly back proposed coast-to-coast rail merger  (includes Creel Q3 opposition commentary)

SECTION 3  |  SHAREHOLDER VOTES, BRC DEAL, AND GROWING OPPOSITION

November 3, 2025  |  CPKC Launches Opposition Web Page

• Railway Age  CPKC: UP+NS Merger 'Not in the Public Interest'

November 14, 2025  |  Shareholder Votes

• Union Pacific Investor Relations  Union Pacific Shareholders Approve Norfolk Southern Merger (99.5% in favor)

• Railway Gazette International  Union Pacific and Norfolk Southern shareholders approve merger

November 17, 2025  |  Brotherhood of Railway Carmen (BRC) Reaches Job Protection Agreement

NOTE BRC became the third union to reach a lifetime job protection agreement with Union Pacific, following SMART-TD and the National Conference of Firemen and Oilers (NCFO).

• Union Pacific Investor Relations  Brotherhood of Railway Carmen Reaches Agreement with Union Pacific to Protect 'Good Paying Railroad Jobs'

• Union Pacific (UP.com)  BRC job protection announcement

• Yahoo Finance / BusinessWire  Brotherhood of Railway Carmen Reaches Agreement with Union Pacific

• TCU/IAM  BRC Secures Job Protection Agreement Ahead of Union Pacific-Norfolk Southern Merger

• Trains Magazine  UP, Brotherhood of Railway Carmen reach job protection agreement

• Progressive Railroading  Railway carmen, Union Pacific reach job security agreement

November 19, 2025  | Industry Roundup

• Feedstuffs  UP-NS rail merger chugs along into next phase  (covers SMART-TD, NCFO, BRC deals; CPKC and TWU opposition)

November 25, 2025  | Shipper Opposition Grows

• American Chemistry Council  Momentum Is Shifting: Growing Opposition to the Union Pacific-Norfolk Southern Rail Merger

SECTION 4  |  BLET/BMWED OPPOSITION AND STB APPLICATION FILING

December 2, 2025  |  BNSF Files STB Petition; Creel at Investor Conference

• Commercial Carrier Journal  BNSF Petitions STB to Halt Union Pacific, Norfolk Southern Merger

• Trains Magazine  Creel warns UP-NS merger is no 'fait accompli'  (Palm Beach investor conference)

• Sourcing Journal  Union Pacific Postpones Merger Filing, CPKC Warns of Two-Railroad Future

December 11, 2025  |  Regulatory Landscape Analysis

• Railway Supply  Union Pacific-Norfolk Southern merger and STB review

December 17-18, 2025  | BLET and BMWED Formally Oppose

• BLET.org  BLET, BMWED to oppose the proposed Union Pacific-Norfolk Southern merger

• Teamsters.org  Teamsters Statement Opposing Proposed Union Pacific-Norfolk Southern Merger

• PR Newswire  Teamsters Statement Opposing Proposed Union Pacific-Norfolk Southern Merger (full text)

• Axios  'Hell or the highway': Teamsters rail unions oppose Union Pacific-Norfolk Southern merger

• FreightWaves  Unions oppose historic transcontinental rail merger

• Logistics Management  Teamsters Rail Conference makes its case for the UP-NS merger to not be approved by the STB

• Fortune  Over half the workers in the $85 billion Union Pacific/Norfolk Southern railroads oppose the merger

December 19, 2025  | STB Application Filed

• Union Pacific Investor Relations  Creating America's First Transcontinental Railroad: STB Merger Application Filed

• Union Pacific (UP.com)  STB merger application announcement

• Norfolk Southern Press Release  STB application announcement

• FreightWaves  UP, NS: Merger will create 10,000 single-line service lanes, shift 105k truckloads to rail

• Sourcing Journal  Union Pacific, Norfolk Southern File Merger Application as Teamsters Object

• Rail Passengers Association  Statement opposing the application

• Spokesman-Review / AJC  Opposition grows against Norfolk Southern merger with two unions taking a stand

SECTION 5  |  STB REJECTION, DOCUMENT BATTLES, AND REFILE PROCESS

January 3, 2026  | UP/NS Defend Application Completeness

• FreightWaves  Union Pacific, Norfolk Southern defend completeness of merger application  (BNSF, CPKC, CN, CSX all argued the application was incomplete)

January 5, 2026  | UP Internal Employee Communication

Union Pacific (UP.com)  Union Pacific Team Proves What's Possible, Files Historic Merger Application  (Jim Vena internal employee message)

January 12, 2026  |  BNSF and CN Demand More Documents

FreightWaves  BNSF and CN want UP, NS to produce more merger documents

January 14-15, 2026  |  MARS Winter Meeting, Schaumburg, IL (Near Chicago)

NOTE  Creel and BNSF CEO Katie Farmer both addressed the Midwest Association of Rail Shippers. Creel exceeded his allotted time by 25+ minutes criticizing the merger. Both urged shippers to file comments with the STB.

• Trains Magazine  CPKC, BNSF CEOs urge shippers to speak out on UP-NS merger

• Progressive Railroading / RailPrime  UP-NS merger dissected at MARS event near Chicago  (detailed account of Creel, Farmer, Drysdale, and Vena addresses)

January 16, 2026  |  STB Rejects Application

NOTE  STB unanimously rejected the 6,692-page application as incomplete: missing forward-looking market share projections, incomplete merger agreement, and TRRA classified as a significant (not minor) transaction. Rejected without prejudice; refile deadline set for June 22, 2026.

• Spokesman-Review / Reuters  US rail regulator says Union Pacific, Norfolk Southern merger filing incomplete

• WV Gazette-Mail  STB rejects Union Pacific bid to buy Norfolk Southern, for now

• Feedstuffs / Farm Progress  Union Pacific-Norfolk Southern merger hits snag

• DTN Progressive Farmer  STB Ruled Union Pacific-Norfolk Southern Merger Application Incomplete

January 20-22, 2026  | Legal and Industry Analysis of Rejection

Hogan Lovells  STB rejects Union Pacific-Norfolk Southern transcontinental railroad merger application as incomplete; what comes next?

Lexology  STB Rejects Union Pacific and Norfolk Southern Merger Application

January 29, 2026

• Union Pacific (UP.com)  Committed Gateway Pricing: A Rising Tide that Shares Merger Benefits

January 30, 2026  |  NS Q4 Earnings / Refile Confirmed

• Herald-Dispatch  Norfolk Southern, Union Pacific to refile merger application with STB

February 5, 2026

• Rep. Dusty Johnson (R-SD)  Johnson Urges Strong Review of Union Pacific and Norfolk Southern Railroad Merger

• Railway Age  STB Rejection of UP-NS Merger: A Delay, Not a Judgment  (op-ed: STB action was procedural, not a verdict on the merits)

February 17-18, 2026  |  UP Confirms Refile by April 30

• FreightWaves  Union Pacific, Norfolk Southern set new date to re-file merger application

• Trains Magazine  Union Pacific and Norfolk Southern to file revised merger application April 30

• Yahoo Finance  Union Pacific, Norfolk Southern set new date to re-file merger application

• Axios Pro  Union Pacific plans to re-file Norfolk Southern merger application in April

• FreightWaves  Union Pacific CEO explains delay in revised merger filing  (Vena: STB clarified data formatting requirements)

February 19-21, 2026  |  CPKC CEO at Citi/Barclays Investor Conferences

• FreightWaves  CPKC CEO 'not drinking the merger Kool-Aid'  (Creel: Belt Railway of Chicago; integration risks; "It may or it may not get approved")

• Yahoo Finance  CPKC CEO 'not drinking the merger Kool-Aid'

• Trains Magazine  Creel: UP-NS merger 'not a layup' after STB rejects initial application

• FinancialContent / MarketMinute  The Rail Revolution: Union Pacific and Norfolk Southern Aim to Redraw the American Map with $85 Billion Merger

SECTION 6  |  MARCH-APRIL 2026: CHICAGO CONFERENCE, DOJ INTERVENTION, AND CURRENT COVERAGE

March 2, 2026

• Union Pacific (UP.com)  The Union Pacific-Norfolk Southern Merger is Built for Reliability

March 3, 2026  |  DOJ Weighs In

NOTE  The Department of Justice sent a letter to the STB urging it to require UP and NS to produce the same internal documents (competitive analyses, market studies, executive memos) that non-railroad companies provide to DOJ/FTC under Hart-Scott-Rodino when seeking merger approval.

• Rail Passengers Association  STB Sides With DOJ, Seeks 'Ordinary Course' Info From UP-NS  (STB issued seven-page decision siding with DOJ; UP given until April 7 to comply)

March 10, 2026  |  Railway Age Next-Gen Freight Rail Conference, Union League Club of Chicago

NOTE  Vena, George, Creel, Robinson, and all three STB board members presented. Creel again far exceeded his allotted time opposing the merger. STB members were prohibited from discussing pending merger matters directly.

• Railway Age  Conference agenda: Vena, George, Creel, Robinson, STB members

• Railway Track and Structures  TD Cowen: Takeaways From the Next-Gen Freight Rail Conference  (Creel: "Your truth, my truth and the truth"; "Too big to fail is said for a reason")

• Trains Magazine  Opinion: Rail customers must make their voices heard (Creel op-ed)

March 11, 2026

• The Center Square  Largest rail union backs $85 billion Union Pacific-Norfolk Southern merger  (SMART-TD reaffirms STB support stance)

• FreightWaves  EXCLUSIVE: Rail merger critics should 'quit looking backward,' says Union Pacific CEO

March 18-19, 2026  | STB Orders Additional Documents

• Trains Magazine  Regulators ask for more information on UP-NS merger  (March 18 STB seven-page decision; follows March 3 DOJ letter)

• FreightWaves  Regulator wants additional, detailed information on UP-NS rail merger  (Vena: "no concern" over new request)

• Railway Supply  Union Pacific-Norfolk Southern merger: STB seeks documents

March 24-26, 2026

• FinancialContent / MarketMinute  The Great Rail Realignment: Union Pacific's $85 Billion Pursuit of Norfolk Southern Rewrites the American Logistics Map

• Trains Magazine  Why the STB's document order matters for the Union Pacific-Norfolk Southern merger  (former STB Chairman Oberman: "The board wanted to lay down a marker... these are not going to be political decisions")

• FreightWaves  Vena says UP, NS have capacity to handle merger-related growth

Late March 2026  |  'Battle of the Rail Barons' Feature

• Victoria Times Colonist / Canada.ConstructConnect  Battle of the rail barons: How a merger is setting the industry on a collision course  (long-form; Creel: "You create this Goliath... seven times the size of CPKC"; Chevron, ExxonMobil, DuPont, Dow opposition)

• Bloomberg Government  Union Pacific CEO Channels Lincoln to Sell Coast-to-Coast Deal  (long-form profile of Vena vs. Creel rivalry; MARS conference details)

April 2, 2026  |  ATDA Becomes 6th Union to Reach Job Protection Deal

• BusinessWire  The American Train Dispatchers Association and Union Pacific Railroad Reach Agreement to Protect Union Jobs for Life

April 4, 2026  |  Opinion: Pro-Merger

• RealClearMarkets  If Lower Prices Are the Aim, Let Union Pacific & Norfolk Southern Merge  (Ike Brannon, Jack Kemp Foundation)

April 7, 2026  | Teamsters Rail Conference Meets Wall Street

NOTE BLET President Mark Wallace, First VP Gary Best, BMWED President Tony Cardwell, and Secretary-Treasurer Dale Bogart met in New York City with more than three dozen investors. Morning session organized by UBS; separate meetings with Bank of America, Wells Fargo, Susquehanna International Group, and Goldman Sachs. UBS post-meeting report noted the unions outlined concerns UP must address to secure their support. UBS specifically observed that BLET/BMWED's demand to protect positions is a stronger ask than the SMART-TD agreement, which only protects against involuntary furloughs, not attrition-based workforce reduction.

• BLET.org  Teamsters Rail Conference emphasizes protection of positions in meetings with Wall Street investors regarding proposed UP-NS merger

• BMWED.org  Teamsters Rail Conference emphasizes protection of positions in meetings with Wall Street investors regarding proposed UP-NS merger

• Railway Age  Teamsters Rail Conference Occupies Wall Street

April 8, 2026  |  Opinion: Pro-Merger

• Human Events  Andrew Langer: Momentum is Key for the Union Pacific-Norfolk Southern Merger

April 9, 2026  | Opinions (Mixed/Critical) + SMART-TD Deal Criticized by Industry

NOTE Railway Age's April 2026 'Watching Washington' column (Frank Wilner) argued SMART-TD endorsed the merger before securing enforceable implementing agreements. Union Pacific published a rebuttal the same week. Both pieces drew significant industry attention.

• Railway Age (Frank Wilner)  UP-NS Job Pledge Fragments Labor  (April 2026 Watching Washington column; argues SMART-TD jumped the gun; BLET/BMWED call UP's promise "mostly hollow")

• Railway Age (Union Pacific response)  Jobs for Life: A Firm Promise to Union Employees  (UP responds to Wilner column; defends career-long job protection commitment)

• Washington Times  Americans deserve more than an 'incomplete' filing in Union Pacific and Norfolk Southern rail merger

• Alabama Reporter  Opinion: Why the Union Pacific-Norfolk Southern merger threatens Alabama

SECTION 7  |  MAY 2026: REVISED APPLICATION CHALLENGES AND STB ACCEPTANCE

May 1-5, 2026  |  Merger Conditions and Completeness Schedule

• Trains Magazine  Union Pacific would scuttle Norfolk Southern merger if STB orders widespread line sales or trackage rights  (May 1)

• FreightWaves  Union Pacific would exit Norfolk Southern merger if STB orders widespread line sales or trackage rights  (May 4; UP could owe a $2.5 billion break-up fee)

• Surface Transportation Board  Board modifies deadline for comments on completeness of revised application  (May 5; comments due May 8, applicants’ reply due May 12)

May 8, 2026  |  Rivals and Shippers Challenge the Revised Filing

• Trains Magazine  BNSF and others call on regulators to reject revised UP-NS merger application

May 13-15, 2026  |  UP and NS Defend the Revised Application

• FreightWaves  UP-NS say revised merger application is “comprehensive and complete”  (May 13)

• Progressive Railroading  Of competition, a couple of “e” words and the UP-NS refile  (May 15)

May 21-22, 2026  |  Vena Confidence, Federal Interest, and CN Concerns

• FreightWaves  UP CEO confident rail merger application checks all the STB’s boxes  (May 21)

• Trains Magazine  Trump floats potential federal merger-related investment in Union Pacific  (May 22)

• Canadian National  CN raises concerns that UP and NS continue revising key merger workpapers without adequate disclosure  (May 22)

May 26, 2026  |  State Attorneys General Seek Rejection

• FreightWaves  Attorneys general urge STB to reject new rail merger application  (six state attorneys general challenged the revised filing)

May 28, 2026  |  STB Accepts Application but Pauses Proceedings

NOTE  The STB unanimously accepted the revised application for consideration, but held the proceeding, including the environmental review, in abeyance. UP and NS were ordered to provide supplemental information by July 27, 2026, addressing competition, market-share projections, downstream effects, and other areas the Board found unclear or underdeveloped.

• Surface Transportation Board  STB Accepts UP-NS Merger Application for Consideration; Requires Supplemental Information and Holds Proceedings in Abeyance

• Reuters  Federal regulator pauses review of Union Pacific, Norfolk Southern’s $85 billion merger

• Trains Magazine  STB accepts UP-NS merger application but wants more information before review can begin

• Progressive Railroading  Revised UP-NS merger application accepted by STB

• Progressive Railroading  Union Pacific, Norfolk Southern continue to push the merits of their proposed merger against a lot of pushback

• Union Pacific and Norfolk Southern  Creating America’s First Transcontinental Railroad: STB Accepts Union Pacific-Norfolk Southern Merger Application

• BNSF  STB Pauses UP-NS Merger Review and Requires More Information from UP and NS

May 29, 2026  |  Analysis of the STB Decision

• Railway Age  STB Accepts UP-NS Revised Merger Application

• FreightWaves  How rail mega-merger moved ahead, and STB avoided making history

SECTION 8  |  JUNE-JULY 2026 COVERAGE AND STB SUPPLEMENTAL RESPONSES

June 17-19, 2026

• AOL.com  Big issue’: Here’s what a potential railway merger could mean for Portland traffic, businesses

• Yahoo Finance  Berkshire Hathaway Inc (BRK.B) Says No Railroad Consolidation

• Tri-State Livestock News  Grassroots policy and economic outlook take center stage at Montana Farm Bureau Summer Conference

• Sahm  ADP Stock The High ROE Dividend Play In Large Caps

• The Daily Caller  Uncle Sam’s Reindustrialization Needs A Spark From Transcontinental Railroad

• Grants Pass Tribune  Historic Rail Merger Could Reshape Freight Movement Across Oregon and the Nation

• HarianBasis  Surface Transportation Board Pauses Union Pacific and Norfolk Southern Merger Review

• Willamette Week Murmurs:  Portland Moves to Untangle Railroad Crossing Jam

• KATU  Rail merger could bring more trains, and more traffic headaches, to Portland

• TIKR.com  Union Pacific Stock’s Operating Margin Story: What Q1 2026 Numbers Say About a $424 Target

• Mlex  Union Pacific CEO says Company will quickly give US rail board supplemental data

• OregonLive.com  Portland eyes shot at fixing Oregon’s most notorious railroad crossing

• KOIN.com  Big issue’: Here’s what a potential railway merger could mean for Portland traffic, businesses

• TradingKey  Union Pacific Corp Stock (UNP) Moved Down by 3.88% on Jun 17: Facts Behind the Movement

• Axios  Rail merger puts Portland train delays in spotlight

•  

June 20-23, 2026

• Morning Ag Clips  Grassroots Policy, Economic Outlook at MFBF Summer Conference

• AD HOC NEWS  Union Pacific keeps focus on merger talks, shares steady on Xetra

• Railway Age  Enhancing Rail Competition – The Case is Clear

• Washington Examiner  Rail merger is American supply chain game changer

• Breakbulk News  Union Pacific touts Norfolk Southern merger amid shipper cost concerns

• The Capital Times Letter | Rail merger good for Wisconsin

• Britannica  Union Pacific Railroad Company

• Trains Magazine  What happened in the rail industry this week? June 19, 2026

•  

June 24-27, 2026

• Insider Monkey  RBC Capital Says CSX is Well Positioned Regardless of Rail Industry Consolidation

• Investing.com  Canada Evercore ISI upgrades Canadian National Railway stock rating on volume momentum

• Fox Business  Union Pacific CEO Jim Vena on Fox Business this morning. Discussion of merger begins at 5:00

• MSN  Union Pacific’s ‘Big Boy’ hits the rails as America turns 250

• Pluang  Union Pacific’s strong dividend and merger plans set for 10%+ annual returns ahead

• RealClearMarkets  Stop the Madness, and Let Union Pacific Merge With Norfolk Southern

• The Business Journals  Norfolk Southern accused of stealing AI-powered train inspection tech

• IndexBox  Norfolk Southern CEO: Merger with Union Pacific and Service Improvement Can Coexist

• FreightWaves  Norfolk Southern CEO says railroad must focus on today and tomorrow

June 28-July 3, 2026

• Investing.com  US rail intermodal volume surge 12.1% for sixth straight week of 5%+ gains

• TipRanks  Regulatory Roadblock Slams Union Pacific’s Merger Dreams

• The Loadstar  BNSF’s $4bn Barstow hub bet – transformative or a costly moat?

• TIKR.com  Union Pacific Stock Could Be Worth $426 by December 2030 After STB Acceptance

• Ad Hoc News  Norfolk Southern sector role in US rail, shares reflect merger debate

• Simply Wall Street  Union Pacific Stock And 2 Labor Friendly Picks For Lower Workplace Risk

• TipRanks  Regulatory Roadblock Slams Norfolk Southern Stock

• Freight Waves  NEW: Maersk shifts SoCal import containers to UP from BNSF

• Forbes  Union Pacific And Norfolk Southern: How Politics Can Have A Body Count

• The Capital Forum  Merger Monthly: Union Pacific/Norfolk Southern as the Archetypal Trump-era Merger Review; Outlook for Key Transactions Including Cintas/UniFirst, Paramount Skydance/Warner Bros. Discovery, and Skyworks/Qorvo

• Brotherhood of Locomotive Engineers and Trainmen  President Wallace highlights rail labor solidarity at BMWED’s Sixth Quadrennial Convention

• Progressive Railroading  UP-NS merger discovery process kicks off with establishment of guidelines

• Ad Hoc News  Union Pacific highlights freight megamerger debate, shares in S&P 500 rail sector focus

• Mainline Media News  Big hype as Big Boy is on the way

• El Paso Times  Opinion: A stronger rail network means a stronger El Paso

• The Detroit News  Michigan farmers have too much at stake to rush rail merger | Opinion

• Ad Hoc News  Norfolk Southern sets July earnings date, shares in focus on NYSE

July 4-7, 2026

• Yahoo Finance  Union Pacific and Norfolk Southern Celebrate America’s 250th Anniversary with World’s Largest Steam Locomotive in Philadelphia

• Journal of Commerce  NS-UP merger could give Charleston needed rail boost: analyst

• RealClearMarkets  Union Pacific/Norfolk Southern Has Life and Death Qualities

• Seeking Alpha  Norfolk Southern: The 15% Premium Is Not As Free As It Seems

• Washington Examiner  How a coast-to-coast railroad could change American lives

• The Cap Times  Railroad merger good for Wisconsin farmers

• Brotherhood of Locomotive Engineers and Trainmen  BLET sharply critical of alarming comments made by UP CEO

• Tipranks  Union Pacific Sinks as Mega-Rail Merger Hits Roadblock

• Altoonamirror.com  Local leaders offer tips for Big Boy viewing

•  

July 8-10, 2026

• Traders Union  Union Pacific, Norfolk Southern offer divestitures to support $85 billion rail merger

• Yahoo Finance  Norfolk Southern (NSC) Files Merger Response With Union Pacific As STB Review Advances

• Railway-News  Union Pacific and Norfolk Southern Submit Additional Merger Information

• Railfan & Railroad Magazine  Combined UP, NS Looks To Divest From Terminal Railroads

• Redbook Lumber Data  Union Pacific and Norfolk Southern Respond to STB

• The Loadstar  Comment Mr Market aligns as $85b rail question barrels towards end- July deadline

• Axios  Union Pacific, Norfolk Southern offer concessions in merger application supplement

• IndexBox  Union Pacific and Norfolk Southern Propose Divestitures for $85 Billion Merger Approval – News and Statistics

• PYMNTS.com  Rail Giants Submit Additional Data as Regulators Continue Merger Examination

• Trains Magazine  UP and NS address regulators’ merger questions on TRRA, KCT, and TTX

• Reuters  Norfolk Southern, Union Pacific defend proposed $85 billion merger

• Yahoo Finance  Union Pacific, Norfolk Southern submit more merger data

• Plastics News  A railroad merger with big implications for plastics

• Seeking Alpha  Union Pacific and Norfolk Southern file STB merger responses (NSC:NYSE)

• Crypto Briefing  Norfolk Southern and Union Pacific defend proposed $85B merger that would create first coast-to-coast railroad

• Business Wire  Union Pacific and Norfolk Southern Responds to STB’s Request for Supplemental Information, Submitting First Round of Their Responses

• Investing.com  Union Pacific, Norfolk Southern file merger response to STB

• MLex  Union Pacific, Norfolk Southern submit responses to U.S Surface Transportation Board

• Devdiscourse  Historic Rail Merger on Track: Union Pacific and Norfolk Southern’s $85B Plan

• GuruFocus  Union Pacific (UNP) and Norfolk Southern (NSC) Respond to STB Inquiry

• MarketScreener.com  Union Pacific, Norfolk Southern Submit Initial Responses to Regulator on Merger Plan

• Traders Union  Union Pacific and Norfolk Southern defend $85 billion merger before U.S regulator

• TipRanks  Union Pacific, Norfolk Southern Respond to STB request for supplemental info

• SekberNews.id  Union Pacific and Norfolk Southern Submit Merger Data to STB

•  

July 11, 2026

• WJAC  Gov. Shapiro tours Big Boy as Union Pacific CEO talks pending merger with Norfolk Southern

• Yellowhammer News  Jerry Carl op-ed: Mobile deserves more than promises before this railroad merger moves forward

• Pluang  Union Pacific merger plans face regulatory hurdles despite strong performance and dividend growth

• Railway Supply  Union Pacific Norfolk Southern merger remains under STB review

• FreightWaves.com  EXCLUSIVE: Union Pacific, Norfolk Southern CEOs talk about the rail merger that could reshape the U.S. economy

• Union Pacific  Let’s Talk Facts: It Doesn’t Surprise Me the Opposition is Nervous

• Bitget  Union Pacific and Norfolk Southern submit response documents regarding merger matters to the Surface Transportation Board

• Railway Supply  Union Pacific Norfolk Southern Merger Could Form 50,000 Mile Network

• The Well News  Rail Merger Could Advance a More Equitable Freight Future

• Railway Age  Industrial Strength Gains Steams; 2H Confident; Merger Sentiment Largely Cynical

July 11-13, 2026

• Omaha World-Herald  Op-ed: U.P.’s proposed merger would make tough times even tougher for Nebraska farmers

• Stop the Rail Merger Coalition  Railway Age Commentary: UP’s Promises Not Worth the Paper They’re Written On

• North Platte Bulletin  Protecting affordability in Nebraska

• Yahoo Finance  How Norfolk Southern (NSC) Is Navigating Regulatory Review to Advance Its Transformational Rail Merger Strategy

• Brotherhood of Locomotive Engineers and Trainmen  The Stop the Rail Merger Coalition asks STB to tell UP and NS to disclose numbers on how their proposed merger will affect workers

• TechStock2  Union Pacific’s Big Boy Draws 117,000 Visits – But A 15% Merger Gap Tells Investors More

• TechStock2  Union Pacific’s Big Boy 4014 Draws Crowds in Leetsdale, 13% Merger Discount Catches Investor Attention

• Yahoo Finance  How Union Pacific (UNP) Is Addressing Regulatory Hurdles to Advance Its Coast-to-Coast Rail Network Strategy

• Willamette Week  Readers Respond to Slow Trains, Public Agencies and Cheap Eats

• Sekbernews.id  Union Pacific and Norfolk Southern Propose Major Merger Deal

• Sekbernews.id  Norfolk Southern Corporation Updates on Merger Progress and Operations

• Railway Age  UP’s Promises Not Worth the Paper They’re Written On

• Simply Wall Street  Norfolk Southern (NSC) And Union Pacific File Merger Responses With The STB

• Seeking Alpha  Union Pacific Stock: Buying Now Feels Too Late (Rating Downgrade) (NYSE:UNP)

July 13-14, 2026

• Radio Iowa  Would a proposed Union Pacific/Norfolk Southern merger be good for agriculture?

• Feedstuffs  UP and NS provide STB with additional merger info

• MLex  Trump role in railroad merger magnified by high court but remains unclear

• Atlanta Business Chronicle  Norfolk Southern names new operations executive amid merger bid

• Railway Age  UP’s Rocker: ‘Here’s the Truth.’ BNSF, CPKC: ‘Baseless Falsehoods’

SECTION 9  |  ONGOING AND REFERENCE RESOURCES

• UP-NS Merger Website (UP/NS operated)  Pro-merger news and opinion aggregator

• Logistics Management  Union Pacific-Norfolk Southern Merger: Reshaping the Rail Industry

• Railway Supply  BNSF Challenges Union Pacific Norfolk Southern Merger (ongoing BNSF analysis)

• Art of Procurement  One Railroad to Rule Them All? Inside the Union Pacific-Norfolk Southern Merger  (Teamsters opposition; STB standards; embargoes as operational cover)

• BMWED (bmwe.org)  UP-NS Merger opposition page (continuously updated)  (BMWED's dedicated anti-merger resource hub)