Union Pacific Corporation and Union Pacific Railroad Company-Control-Norfolk; Southern Corporation and Norfolk Southern Railway Company

The Surface Transportation Board (the Board) is, among other things, accepting for consideration the revised, primary application filed on April 30, 2026 (the Revised Application), by Union Pacific Corporation (UPC) and Union Pacific Railroad Company (UP) (collectively, Union Pacific) and Norfolk Southern Corporation (NSC) and Norfolk Southern Railway Company (NS) (collectively, Norfolk Southern) (Union Pacific and Norfolk Southern collectively, Applicants). The Revised Application seeks Board approval for (i) the acquisition of control by UPC of NSC, and through NSC of NS and NS's rail carrier subsidiaries, and (ii) the resulting common control by UPC of UP and NS and the consolidation of the rail operations of UP and NS. This proposal is referred to as the Transaction. The Board is also accepting a related application. This decision embraces Union Pacific Corp.--Control--Peoria & Pekin Union Railway, Docket No. FD 36873 (Sub-No. 1). However, the Board will hold both proceedings, including the environmental review of the Transaction, in abeyance pending further Board order and will seek supplemental information from Applicants by July 27, 2026.