Union Pacific has submitted a new application to the U.S. Surface Transportation Board (STB) to confirm its $85 billion acquisition of Norfolk Southern, arguing that the merger would be good for the country and could significantly increase the competitive balance between the five remaining major freight railroads. Union Pacific CEO Jim Vena believes the merger could reduce delivery time by a day or two, and shift 2.1 million truckloads off the highway onto trains. However, the STB has a high bar for major railroad mergers like this one after past mergers caused disruptions due to past disruptions. If the deal fails to gain approval, Union Pacific would owe Norfolk Southern a $750 million breakup fee. BNSF and CPKC railroads have voiced concerns that the deal could harm shippers and consumers if it leads to higher rates for companies that have few options besides rail to get raw materials and deliver their products.