Union Pacific-Norfolk Southern Merger Application Runs Risk Of Being Ruled Incomplete -- Market Talk

Dow Jones01-15

1038 ET - Baird analyst Daniel Moore says in a note that he believes the Union Pacific/Norfolk Southern merger application has "a better than 50/50 chance of being ruled incomplete." The Surface Transportation Board is currently studying the merger, and Moore says he wouldn't be surprised if a decision is announced by the end of this week. The analyst says that in recent weeks competitors have filed formal complaints to the STB taking issue with the application's argument that the UP-NS merger will enhance competition, and arguing that key disclosures are missing which are required by law. If the STB rules that the application is incomplete, Moore says he believes the deal risks not closing until the back half of 2027, "with a risk that it could be even later depending on the outcome of the midterm elections." (nicholas.miller@wsj.com)

(END) Dow Jones Newswires

January 15, 2026 10:38 ET (15:38 GMT)

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The analyst says that in recent weeks competitors have filed formal complaints to the STB taking issue with the application's argument that the UP-NS merger will enhance competition, and arguing that key disclosures are missing which are required by law. If the STB rules that the application is incomplete, Moore says he believes the deal risks not closing until the back half of 2027, \"with a risk that it could be even later depending on the outcome of the midterm elections.\" (nicholas.miller@wsj.com) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 15, 2026 10:38 ET (15:38 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2463526074.USD","symbol_name":"NORDEA 1 - GLOBAL CLIMATE ENGAGEMENT \"BP\" (USD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2603981312","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2603981312","pubTimestamp":1768491480,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"1038 ET - Baird analyst Daniel Moore says in a note that he believes the Union Pacific/Norfolk Southern merger application has \"a better than 50/50 chance of being ruled incomplete.\" The Surface Transportation Board is currently studying the merger, and Moore says he wouldn't be surprised if a decision is announced by the end of this week. 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The analyst says that in recent weeks competitors have filed formal complaints to the STB taking issue with the application's argument that the UP-NS merger will enhance competition, and arguing that key disclosures are missing which are required by law. 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