02:50 PM EST, 11/14/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

On November 14, UNP and NSC announced that their shareholders have approved the potential UNP-NSC merger, with 99.5% of UNP shareholder votes and nearly 99% of NSC shareholder votes being cast in favor of the transaction. However, the deal still needs approval from The Surface Board Transportation (STB), and we expect the formal merger application to be filed by the first week of December 2025. The STB approval will be critical. Railroad mergers face intense scrutiny, and the companies will need to demonstrate that combining two major Class I railroads enhances rather than reduces competition. The "public interest" standard also requires showing benefits to shippers, communities, and the broader economy. Since news of the approval from UNP shareholders, NSC and UNP stock prices were roughly unchanged as of the November 13 close. Washington Analysis, CFRA's policy arm, maintains 80% odds of approval.