Union Pacific and Norfolk Southern confirmed this morning that they are engaged in advanced merger discussions that would create the first U.S. transcontinental railroad.
“There can be no assurances as to whether an agreement for a transaction will be reached or as to the terms of any such transaction,” the railroads said.
UP (NYSE: UNP) and NS (NYSE: NSC) said they do not intend to make additional comments or provide an update unless they determine that disclosure is required or otherwise appropriate.
UP Chief Executive Jim Vena said he would decline to take questions about a potential merger during the railroad’s earnings call this morning. But he did say the railroad industry cannot stand still.
Any timeline on a merger would begin with a pre-notification ahead of a formal filing with the Surface Transportation Board. It’s expected that the review process could last more than a year before a decision is rendered.
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