在这一偏向收购利好的消息推动之下，诺福克南方的股价在美股周四交易时段的盘初一度上涨约3%， 当前市值约为630亿美元，仍然显著低于联合太平洋公司提出的高达750亿美元收购价位。 "这令人深感不安且在法律上无效。"普里默斯在给媒体的一封电子邮件回复中写道。 普里默斯告诉记者，他将继续履行作为该委员会成员的核心工作角色，如果不能，他将寻求法律途径。 据了解，普里默斯去年由美国前总统乔·拜登任命为美国地面运输委员会主席。特朗普则在1月份正式开 启第二个美国总统任期之后，任命共和党委员会成员帕特里克·福克斯(Patrick Fuchs)接任委员会主席一 职，普里默斯则继续留任该委员会担任委员会成员。 有媒体在周四援引知情人士透露的消息报道，民主党人士罗伯特·普里默斯(Robert Primus)，他是该监管 机构中唯一一位反对来自加拿大的铁路运输巨头加拿大太平洋铁路(CP.US)与堪萨斯城南方铁路公司在 2023年合并的委员会成员。知情人士表示，他在周三通过电子邮件被告知遭美国总统特朗普解雇。 智通财经APP获悉，美国总统唐纳德·特朗普在宣布解雇美联储理事库克之后，将目光瞄准至美国交通 运输部门，他解雇了美国地面运输 ...

本文源自：金融界AI电报 伯克希尔哈撒韦首席执行官沃伦·巴菲特周一在接受CNBC采访时表示，公司无意收购一家铁路公司。此 前有报道称，伯克希尔旗下的BNSF正与CSX洽谈，以组建一条横贯大陆的铁路。这一消息传出数周 后，巴菲特做出了澄清。消息公布后，CSX股价下跌约4.5%。美国铁路业龙头联合太平洋铁路和诺福 克南方铁路上月宣布了一项850亿美元的合并提案，引发外界猜测行业内或将出现更多并购。 ...

Core Viewpoint - Union Pacific has announced an $85 billion cash-and-stock deal to acquire Norfolk Southern, marking the largest railroad merger in history and the biggest M&A transaction of 2025 to date [1][2] Deal Details - NSC shareholders will receive $88.82 in cash and one share of UNP for each share of NSC, with an offer price of $320 per share, representing a total enterprise value of $85 billion and a 25% premium to Norfolk Southern's weighted average share price over the prior 30 days [3] - Norfolk Southern shareholders will hold approximately 27% of the merged company [3] Operational Impact - The merged company will span over 50,000 route miles across 43 states, linking about 100 North American ports, creating a logistics powerhouse valued at over $250 billion [4] - The merger aims to eliminate interchange delays, open new routes, expand intermodal services, and reduce transit times on key rail corridors [4] Financial Projections - The transaction is expected to generate an estimated $2.75 billion in annualized synergies and be EPS-accretive in the second full year after closing, with high single-digit EPS growth projected thereafter [5] - The deal is expected to close by early 2027, following a 16-month statutory review by the Surface Transportation Board [5] Regulatory Environment - The merger is expected to face intense regulatory scrutiny and opposition from major railroad labor unions, citing potential job losses, safety risks, and service disruptions [6] ETFs Benefiting from the Merger - iShares U.S. Transportation ETF (IYT) has significant allocations to UNP and NSC, accounting for 16.1% and 4.8% of total assets, respectively, with a total asset base of $750.6 million [7] - ProShares Supply Chain Logistics ETF (SUPL) includes UNP and NSC among its top holdings, with over 4% share each, and has an asset base of $1 million [8] - Themes US Infrastructure ETF (HWAY) holds NSC and UNP in its top 10 holdings, making up 4.5% and 3.7% share, respectively, with an asset base of $1.2 million [9] - First Trust Nasdaq Transportation ETF (FTXR) also includes NSC and UNP in its top 10 holdings, with 4.4% and 3.6% share, respectively, and an asset base of $30.2 million [10]

Core Insights - Norfolk Southern Corporation (NSC) reported second-quarter 2025 earnings of $3.29 per share, exceeding the Zacks Consensus Estimate of $3.27 and reflecting a 7.5% year-over-year increase due to lower costs [1][9] - The company announced its acquisition by Union Pacific Corporation (UNP) at an enterprise value of $85 billion, which is expected to close by early 2027 [3][11] Financial Performance - Railway operating revenues for NSC were $3.11 billion, slightly below the Zacks Consensus Estimate of $3.13 billion, but up 2.2% year over year, driven by a 3% increase in overall volumes [2] - Income from railway operations rose 4% year over year to $1.17 billion, while operating expenses increased by 1% to $1.9 billion, primarily due to a significant rise in mineral-related expenses [2] - Segmental performance showed merchandise revenues increased 4% year over year to $2 billion, while intermodal revenues remained flat at $743 million [4] Liquidity and Guidance - NSC ended the June quarter with cash and cash equivalents of $1.3 billion, down from $1.64 billion at the end of 2024, with long-term debt slightly decreasing to $16.5 billion [6] - For 2025, NSC revised its revenue growth expectation to 2-3% from a previous estimate of 3%, while productivity savings are now expected to exceed $175 million [7] Merger Details - Under the merger agreement, Norfolk Southern shareholders will receive a Union Pacific share and $88.82 in cash for each share, totaling an enterprise value of $85 billion [12] - The merger aims to create a transcontinental railroad spanning 50,000 route miles across 43 states, with the combined company headquartered in Omaha, NE [14] - The deal includes a $2.5 billion reverse termination fee and is expected to be accretive to Union Pacific's adjusted EPS in the second full year after closing [13]

Group 1 - North America's largest railroad operator, Union Pacific (UNP.US), is in deep negotiations with Norfolk Southern (NSC.US) for a potential merger, which would be the largest in railroad history if completed [1] - Union Pacific has a market capitalization of approximately $135 billion, more than double Norfolk Southern's $64 billion, and a merger would connect Union Pacific's extensive network in the West with Norfolk Southern's major lines on the East Coast, creating a comprehensive transcontinental transportation artery [1] - The merger would pose significant competitive pressure on other major railroad operators, including CSX Transportation (CSX.US) and Berkshire Hathaway's BNSF Railway [1] Group 2 - The railroad industry has historically faced strict regulatory scrutiny for mergers, but the regulatory environment has loosened since the Trump administration, with Patrick Fuchs, a pro-industry consolidation supporter, serving as the chairman of the Surface Transportation Board [4] - In 2023, Canadian Pacific Railway successfully completed the acquisition of Kansas City Southern for approximately $31 billion, setting a record for mergers at that time [4] - Union Pacific's CEO, Jim Vena, acknowledged the intention to pursue large mergers while recognizing the political and regulatory complexities involved [4] Group 3 - Jefferies analyst Stephanie Moore indicated that a merger between Union Pacific and Norfolk Southern would create a unified railroad network across the Americas, significantly enhancing transportation efficiency and reducing unnecessary cargo transfers during cross-continental transport [4] - Such a large-scale merger could reclaim some market share from trucking, injecting new momentum into a sub-industry that has seen stagnation or decline in freight volumes over the past two decades [4] Group 4 - In its second-quarter earnings report, Union Pacific reported a net profit of $1.9 billion, with diluted earnings per share of $3.15, showing a significant increase from $1.7 billion (or $2.74 per share) in the same period of 2024 [4] - The company's market and sales executive vice president noted positive signals regarding current tariff policies, with some clients shifting production from Asia to Mexico [5]