United States: BNSF CEO Says Fourth UP-NS Merger Filing Still Fails to Show Competitive Benefit

BNSF CEO Katie Farmer said on 29 July 2026 that "despite UP and NS's fourth attempt to submit a complete application, the bottom line remains the same," after Union Pacific and Norfolk Southern filed a supplemental submission to the Surface Transportation Board on 27 July, according to FreightWaves.

Farmer said the railroads "have not changed the core of their proposal that fails to demonstrate how combining two major railroads into a single carrier would preserve -- much less enhance -- competition as required by the STB's merger rules." The new filing expanded a "Committed Gateway Pricing" mechanism, but BNSF said the protection covers only about 1% of rail shipments and applies for a limited duration, doing "nothing meaningful to mitigate the massive anticompetitive impact of 50% market share held by one company."

Farmer said the proposed transaction would be "an anti-competitive transaction between two financially healthy companies that will reduce competitive options and raise rates on rail customers, result in higher prices for consumers and thus do great harm to the American economy and broader supply chain."

Union Pacific has proposed acquiring Norfolk Southern for about $85 billion in cash and stock, creating a combined network of more than 50,000 route miles across 43 states. The STB has accepted the application for review, with a decision expected in 2027.