Groundwork to Growth: Construction Perspectives

ATLANTA – Managing Editor Jennifer McLawhorn spoke to and compiled the perspectives of construction company executives. These perspectives encompass safety culture, collaborative partnerships, and how innovative delivery methods pave a path forward.

Vena’s Art of the Deal With NS – Commentary

OMAHA and ATLANTA –– Union Pacific’s (UP) much-anticipated bid for Norfolk Southern (NS) was announced July 29. Both now embark on a lengthy review process, but we see the potential approval pathway justified due to U.S. supply chain benefits. NS operates well, supporting a pivot in focus to the review process. NS takeout PT moves to $320 in line with the announcement. Reiterate Buy as entry point is attractive while event-based investors remain on the sidelines.

American Chemistry Council Concerned About UP+NS

WASHINGTON, D.C. –– As expected, shipper concern about the announcement of the proposed UP+NS merger this morning has already begun. The American Chemistry Council (ACC) released a statement this afternoon.

Union Pacific + Norfolk Southern: It’s Official

OMAHA and ATLANTA –– The speculation is over: Union Pacific and Norfolk Southern at 7:00 AM EDT announced their agreement to, in a combined cash and stock transaction valued at more than $250 billion, merge and create the first U.S. transcontinental railroad. Union Pacific is the acquiring company; the Norfolk Southern name and iconic “Thoroughbred” prancing horse logo on a black locomotive carbody will fade into history as another fallen flag—just like all prior UP acquisitions (Missouri Pacific, Western Pacific, Missouri–Kansas–Texas, Chicago, Rock Island & Pacific, Chicago & North Western, Southern Pacific).

Getting Closer to a Merger Deal? Commentary

OMAHA and ATLANTA –– Unconfirmed reports over the weekend noted a Class I merger is close. These reports were preceded by actions by the STB that show the agency is preparing to handle a review in a more expedited fashion with a merger resource page already up, and a notice that the Board is embarking on taking steps to expedite regulatory processes. We continue to believe a deal is highly likely between Union Pacific and Norfolk Southern.