Jul 17, 2026 · 44 min · 12 segments
The proposed $85 billion Union Pacific–Norfolk Southern merger would create the first transcontinental railroad in the United States — and the first Class I combination to face the STB’s tougher 2001…
Martin J. ObermanGuest
Bill StephensHost
Our first guest is Martin J. Oberman, the retired chairman of the Surface Transportation Board.
Marty led the STB during a consequential period that included the COVID-19 pandemic, the railroad service problems that followed, and the review of a couple of rail mergers.
Then came the Canadian Pacific Kansas City Southern merger, which was the first involving two Class 1 railroads in more than two decades.
The announcement on July 29th, 2025, that Union Pacific would acquire Norfolk Southern in an $85 billion deal that would create the first transcontinental railroad in the U.S. It's also the first rail merger that is being judged under the STB's tougher 2001 merger review rules.
Our first guest is Martin J. Oberman, the retired chairman of the Surface Transportation Board.
Marty led the STB during a consequential period that included the COVID-19 pandemic, the railroad service problems that followed, and the review of a couple of rail mergers.
Then came the Canadian Pacific Kansas City Southern merger, which was the first involving two Class 1 railroads in more than two decades.
The announcement on July 29th, 2025, that Union Pacific would acquire Norfolk Southern in an $85 billion deal that would create the first transcontinental railroad in the U.S. It's also the first rail merger that is being judged under the STB's tougher 2001 merger review rules.
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