Union Pacific

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.

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.

Report: UP/NS Merger Afoot?

OMAHA and ATLANTA ––Union Pacific (UP) is in early-stage discussions to acquire Norfolk Southern (NS), “according to people familiar with the matter,” The Wall Street Journal reported July 17. “[T]here are no

Metra and its freight railroad and municipal partners are taking on a wide variety of projects in 2025, including improvements to 52 stations and replacement of 43 grade crossings.

Metra Outlines 2025 Construction Program

CHICAGO, Ill. – Metra on March 18 detailed its program for the 2025 construction season, covering station, track, road crossing, bridge, and signal/communications improvement projects along the Chicagoland commuter railroad’s 11 lines totaling

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Railway Age/RT&S Women in Rail 2024 Conference Roundup

Railway Age and Railway Track & Structures on Nov. 5-6 returned to Chicago for our second-annual in-person Women in Rail Conference featuring trailblazing women and their allies, who are influencing today’s freight, passenger and transit rail industry.

UP: New Intermodal Terminal Coming to Kansas City

OMAHA –– Construction is under way for a new Union Pacific (UP) intermodal terminal in Kansas City, Mo., which the Class I railroad said will serve both domestic and international containerized shipments of grains, consumer goods, refrigerated products, and pet foods. It is expected to open in mid-2025, adding capacity to UP’s current Kansas City operation.