Union Pacific Corporation (NYSE:UNP) is included among the The 12 Most Profitable Dividend Stocks to Buy in 2026.

On Jan. 19, Susquehanna said it expected shares of Union Pacific Corporation (NYSE:UNP) to trade modestly lower on Tuesday after the U.S. Surface Transportation Board rejected the company’s proposed merger with Norfolk Southern. The decision was issued “without prejudice,” meaning the door is still open. The board invited the companies to re-submit the application once the gaps are resolved, according to the analyst note. Susquehanna said it still believes the deal will go through and maintains a buy rating on Union Pacific.

The regulatory pushback was confirmed in a Reuters report. The STB again reviewed Union Pacific’s $85 billion merger proposal, saying the filing lacked the necessary information. The overhaul comes as regulators review what enhanced competition should look like under tougher merger rules adopted in 2001.

In its decision, the board said the December application was incomplete. He cited missing projections on market share and competitive impact. By rejecting the submission without prejudice, the STB left room for the railways to re-submit once these issues were resolved.

The decision also follows a January filing by Canadian National, which argued that the request had not been made to key competition disclosures. This included how the companies identified routes where two rail lines are rolled into one, as well as full lists of shippers that could be affected. Without that information, stakeholders would have difficulty properly assessing the impact of the merger, CN said.

Union Pacific and Norfolk Southern filed their nearly 7,000-page application on Dec. 19. In it, they argued that the combination would improve service reliability, shift freight from truck to rail, preserve carrier choice and provide broad public benefits while protecting union jobs.

Union Pacific Corporation (NYSE: UNP) operates one of the largest rail networks in the US, spanning more than 23 states in the western two-thirds of the country. Its rail system plays a central role in transporting goods through the national and global supply chain.

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