Union Pacific Signals Resubmitted Merger Bid Coming By April 30

Union Pacific Corp. and Norfolk Southern Corp. on Tuesday formally told a federal regulator they will continue pursuing an $85 billion merger to form what would be the nation’s first transcontinental railroad.

The Surface Transportation Board—an independent agency with sweeping powers over industry—rejected their first application in January, ruling that it lacked necessary details on matters such as how a combined company might leverage its market share against competitors.

A final decision on the potential deal would likely happen in 2027 if the body formally accepts a resubmitted application, which the railroads plan to file on April ...