Art of Supply · 2026-06-11 · 17 min
Can a mega merger of peers increase competition in their market? Case in point: the proposed rail merger between Union Pacific and Norfolk Southern. Both are Class I railroads, among the largest by revenue in North America as defined by the Surface Transportation Board. According to a 2001 Surface Transportation Board rule, their merger must enhance competition - but that's not usually how mergers are designed to work, especially among giants. And this is the first rail merger that has to meet that requirement. After some back-and-forth, the Surface Transportation Board "conditionally" accepted the merger application on May 28th, but they are still looking for more information. No review activities will be conducted until that information is provided. In other words: the Surface Transportation Board has accepted the Union Pacific - Norfolk Southern filing, but they have not accepted the information provided in that filing. We'll have to wait to find out if the application is approved based on its merits.
Stablecoins Have Their Moment in the Real Economy W/ Tanner Taddeo60 / 1003 Questions We Can't Answer About Amazon LTLThe Supply Planning Paradox: Why Bigger Budgets Don't Buy Better OutcomesFedEx Freight's Independence DayRed Lobster's Comeback Gamble