Mergers News Updates

Katie Farmer, BNSF’s CEO, said the industry should question whether it’s an “accurate premise” that Union Pacific’s proposed takeover of Norfolk Southern will lead eventually to growth in shipping volume.

The transportation sector experienced a slowdown in merger and acquisition activity in 2025 amid ongoing headwinds and market uncertainty, according to a report by Tenney Group.

CSX, BNSF Railway, Canadian Pacific Kansas City Southern and Grand Trunk Railroad filed requests last week that the Surface Transportation Board reject Union Pacific’s application.

The move comes less than one month after Richmond, Va.-based PFG and US Foods called off talks for a planned merger that would have reshaped the food service carrier arena.

The assessment from PwC analysts came after a 2025 that already saw buyers focused on subsectors offering defensible growth, operating efficiency and exposure to high-barrier markets.

The two large unions say a merger would increase safety risks, raise shipping rates and consumer prices, and cause significant disruptions.

More than 60 trade associations and chambers of commerce submitted a letter to the Surface Transportation Board last week opposing Union Pacific's proposed acquisition of Norfolk Southern.

The combined entity would have leapfrogged Sysco at the top of the food service carrier table — serving restaurants, corporate offices, convenience stores, gas stations and truck stops.

Roughly 99% of both railroads’ shareholders voted to support the largest rail merger in history, but the U.S. Surface Transportation Board must still OK it before the deal can be completed.

J&R Schugel celebrated its 50th anniversary in 2024 and became 100% employee owned in 2014. The merger was effective Oct. 31.