The Surface Transportation Board today adopted a schedule for review of the Union Pacific-Norfolk Southern revised merger filing, removing a hold it placed on the proceeding in May.
But the board’s decision did not address the merits of the application or any of the comments filed since UP (NYSE: UNP) and NS (NYSE: NSC) submitted their 412-page supplemental filing on July 27.
The review schedule would push a final decision on the $85 billion deal well into the second half of 2027.
“In this decision, the Board removes the proceedings from abeyance, adopts a procedural schedule, directs Applicants to resubmit certain workpapers with unfiltered data, rules on a pending procedural request, and advises that the Board will address other outstanding motions at a future date,” the STB wrote in its decision.
The board said the information it now has on hand is sufficient to begin a review schedule for the first merger to be judged under the tougher 2001 review rules.
The board said it continues to solicit public comments on the merger application.
Under the schedule outlined in the decision, final briefs on the merger would be due May 28, 2027. The date for the close of record remains to be determined, with a final decision on the merger due within 90 days after the close of record – provided that a final environmental review is completed by then.
Those wishing to participate in the merger review as parties of record must file their indication to do so by Sept. 4.
As part of the decision, the board turned down a request for an expedited proceeding regarding control of the Terminal Railroad Association of St. Louis, saying control of the TRRA “is best evaluated within the context of the larger [t]ransaction and granting the request would be premature.” It also said it would address motions for summary denial of the application, made on Aug. 6 by BNSF (NYSE: BRK-B), CSX (NASDAQ: CSX), and a consortium of shippers groups, as well as related comments, in a subsequent decision.
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