Transport Takes "What We Learned-- Expert Call on UP/NS, Key Debates fro..."

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Transport Takes "What We Learned-- Expert Call on UP/NS, Key Debates fro..."

Global Research

7 June 2026ab

Transport Takes Equities

North AmericaWhat We Learned-- Expert Call on UP/NS, Key

Debates from Investor Meetings, & EXPD Transportation Services

Thomas Wadewitz

Analyst

thomas.wadewitz@ubs.com

Expert call --- long review process; STB needs more to work with +1-212-713 6116

On Monday we hosted a conference call with former STB Chairman and long time Chief Michael Triano

Legal Counsel for BNSF Roger Nober to analyze the recent STB decision regarding the Analyst

revised UP/NS merger application. Mr. Nober highlighted regulator discretion to put the michael.triano@ubs.com

process on hold and also the difficulty for participants to push back because only the end +1-212-713 3822

decision on a merger can be appealed and not the steps in between. He expects an Michael DiMattia

extended review process which could run through the end of 2027. In particular, Analyst

STB appears to be expressing a focus on the market shares and impact to competitive michael.dimattia@ubs.com

position of other railroads while also asking for more in terms of evidence of a public +1-617-748 5628

benefit.

Will UP/NS shift to another gear? shipper or rail agreements would help

Based on this expert call and feedback from other experts, there is a view that UNP has

been treating the process as a negotiation and offering little in terms of upfront

concessions. The expert interpreted the recent STB decision, including the request for

UP/NS to make a prima facie case for the merger, as a clear indication STB needs to see a

stronger, more aggressive approach from UP/NS to justify the merger. Mr. Nober

indicated that agreements with large shippers or other railroads to support the merger