Giant Freight Railroad Merger Hinges on Monopoly Concerns

A two-word phrase from 25 years ago could determine the future of American transportation for decades to come.

Union Pacific Corp. plans to file an application Friday before the Surface Transportation Board seeking a roughly $85 billion merger with Norfolk Southern Corp. to form the nation’s first transcontinental freight railroad. Approval depends on convincing the board the move would “enhance competition,” per a 2001 rule.

The application will start a merger review process that will likely last until 2027 where rival railroads, labor groups, rail customers, and the public can submit comments. A final round of consolidation in US ...