Railroads set shareholder vote on transcontinental merger

Core Points - Union Pacific and Norfolk Southern are seeking shareholder approval for an $85 billion merger, with votes scheduled for November 14 [1][2] - Both companies' boards have unanimously approved the merger agreement announced on July 29 and are encouraging investor support [2] - The merger will result in former Norfolk Southern shareholders owning 27% of Union Pacific's outstanding shares, with the remainder held by Union Pacific shareholders [4] Company Details - The implied value of the merger consideration is $320 per Norfolk Southern share, representing a 25% premium over its 30-day average closing price as of July 16 [3] - The merger application will be filed by a deadline of January 29, 2026, and is subject to regulatory review by the Surface Transportation Board [4] Shareholder Engagement - Union Pacific and Norfolk Southern executives emphasized the importance of shareholder votes, stating that the merger cannot proceed without approval from both companies' shareholders [3]