Commentary

The Transcontinental Railroad Begins With UP+NS

The Union Pacific+Norfolk Southern merger terms were largely as expected. NS can walk away from UP for an unsolicited better offer ($11/share break fee), but a BNSF-CSX combination is more likely than a Berkshire Hathaway bidding war with UP. The regulatory timeline to 1H27 was also expected, but lack of a voting trust and the right to walk if STB imposes certain conditions favor UP.

James E. Wolfe. (Photograph courtesy of Wolfe)
Commentary

A Wolfe at STB’s Door. Will He Make Entry?

If you think federal regulatory agencies—even federally owned Amtrak—have strayed from what former Southern Railway and Conrail CEO L. Stanley Crane termed, “stick to your knitting,” you’re not ridin’ the rails solo.

TD Cowen Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl. (TD Cowen Photograph)
Commentary

Vena’s Art of the Deal With NS

Union Pacific’s (UP) much-anticipated bid for Norfolk Southern (NS) was announced July 29. Both now embark on a lengthy review process, but we see the potential approval pathway justified due to U.S.

Commentary

UP+NS: An ‘Absolute Monster of a Railroad’

Since a Union Pacific/Norfolk Southern merger is now in process, I wanted to share data giving a sense of the absolute monster of a railroad UP+NS would represent. To do this, below

Commentary

UP + NS: What Comes Next?

Following weeks of “perhapses,” “maybes,” and a “conceivably” or two—self-serving bait for valuable feedback—railroads Union Pacific (UP) and Norfolk Southern (NS) have officially announced merger plans. BNSF and CSX have yet to

Commentary

BNSF Fourth-Generation Railroader Continues Family’s Legacy

For Kimberly Dunn, the railroad has been a part of her family’s lives for almost a century. From working in a car shop to serving as union leaders, her parents and grandparents have railroading in their blood.

Commentary

Getting Closer to a Merger Deal?

Unconfirmed reports over the weekend noted a Class I merger is close. These reports were preceded by actions by the STB that show the agency is preparing to handle a review in a more expedited fashion with a merger resource page already up, and a notice that the Board is embarking on taking steps to expedite regulatory processes. We continue to believe a deal is highly likely between Union Pacific and Norfolk Southern.

Commentary

The Race to Fold; CPKC Improves

Question: Where’s the belief in growth? Our State of the Rails chart (bottom) is starting to look good, and we show a truncated version. We now have half the industry, including the

Commentary

Inside Trinity Metro’s ROI Playbook

On a recent visit to the Texas Capitol in my role as the CEO of Fort Worth’s Trinity Metro, I was stopped by a state senator before I could begin my pitch for commuter rail. “I’m never using

Commentary

A Three-Tiered Approach to Emissions Reductions—Starting from the Bottom

Five years after World War II ended, it became apparent to the railroads that steam locomotives were not the motive power of the choice. While a half dozen locomotive builders were assembling

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