Union Pacific, Norfolk Southern Submit Initial Responses to Regulator on Merger Plan
Union Pacific (UNP) and Norfolk Southern (NSC) submitted the first portion of their responses to a request for additional information on their planned merger from the Surface Transportation Board, a US regulatory agency, the companies said Tuesday. Addressing questions about the Terminal Railroad Association of St. Louis, Kansas City Terminal Railway and TTX, the companies said they do not currently hold authority over these jointly owned entities and will not control them after the merger. They outlined options, including potential divestiture, that the board could use to ensure that commitment is enforced. The railroads said additional responses will be submitted by July 27. Union Pacific shares rose 1% in Tuesday trading, and Norfolk Southern gained 0.8%. Price: $285.52, Change: $+2.93, Percent Change: +1.04%
Union Pacific (UNP) and Norfolk Southern (NSC) submitted the first portion of their responses to a request for additional information on their planned merger from the Surface Transportation Board, a US regulatory agency, the companies said Tuesday.
Addressing questions about the Terminal Railroad Association of St.
Louis, Kansas City Terminal Railway and TTX, the companies said they do not currently hold authority over these jointly owned entities and will not control them after the merger.
They outlined options, including potential divestiture, that the board could use to ensure that commitment is enforced.
The railroads said additional responses will be submitted by July 27.
Union Pacific shares rose 1% in Tuesday trading, and Norfolk Southern gained 0.8%.
Price: $285.52, Change: $+2.93, Percent Change: +1.04%