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Union Pacific's $72 Billion Merger with Norfolk Southern Looms

7/29/2025

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Summary

Story summary

Union Pacific Corp. is nearing a stock-and-cash agreement with Norfolk Southern Corp.
The proposed deal values Norfolk Southern at around $320 per share.
If finalized, it will be the largest merger in the rail industry.
The offer includes two-thirds stock and one-third cash.
Norfolk Southern's total equity would be approximately $72 billion.

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Story summary

Union Pacific Corp. is nearing a stock-and-cash agreement with Norfolk Southern Corp.
The proposed deal values Norfolk Southern at around $320 per share.
If finalized, it will be the largest merger in the rail industry.
The offer includes two-thirds stock and one-third cash.
Norfolk Southern's total equity would be approximately $72 billion.