UNP · News · 20261105N

Norfolk Southern Merger

UNION PACIFIC CORP · 2026-11-05 · Importance 64 · Surprise 42

Union Pacific is pursuing a proposed $85 billion acquisition of Norfolk Southern. On November 4, the Surface Transportation Board rejected Union Pacific’s appeal and left in place an order requiring public release of a recording of CEO Jim Vena’s March remarks to a shipper conference. Canadian Pacific Kansas City argued that Vena allegedly threatened higher rates for shippers opposing the merger, while the regulator raised concerns that the remarks may have influenced stakeholder input in the review.

Key facts

• Union Pacific’s proposed acquisition of Norfolk Southern is an $85 billion transaction. source