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Railroad Giants Move Closer to Historic Merger After Overwhelming Shareholder Vote

By  |  November 17, 2025

Union Pacific said Friday that its shareholders have overwhelmingly backed the company’s proposed $85 billion takeover of Norfolk Southern, a milestone the railroad operator described as crucial to creating what it says would become the nation’s first truly transcontinental freight network.

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    According to a statement from the company, investors cast 99.5% of votes in favor of authorizing new Union Pacific common stock needed to complete the deal—support that reflects nearly 80% of all outstanding shares. A final vote count will be released in a forthcoming filing with the U.S. Securities and Exchange Commission, per a statement.

    Union Pacific CEO Jim Vena welcomed the outcome, characterizing the shareholder approval as a pivotal moment for the transaction. “Our shareholders see the value and understand this merger will unlock new opportunities to enhance service, growth and innovation,” he said.

    The agreement, first unveiled in July, values Norfolk Southern shares at about $320 and features a cash-and-stock package. Under the terms outlined in the statement, Norfolk Southern investors will receive one Union Pacific share plus $88.82 in cash for each of their shares. Union Pacific plans to issue roughly 225 million additional shares to close the merger.

    If regulators grant approval, the combined railroad would operate more than 50,000 miles of track across 43 states, a coast-to-coast reach that supporters argue will streamline freight movement and strengthen national logistics.

    Source: USA Herald