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Form 8-K · Current Report · Filed 2025-12-19

Union Pacific and Norfolk Southern Announce Application for Merger Approval with STB

On December 19, 2025, Union Pacific Corporation and Norfolk Southern Corporation filed an application with the Surface Transportation Board (STB) for approval of their proposed merger.

Filer
Union Pacific Corporation UNP · NYSE
Filed
Accession
0000100885-25-000347
CIK
0000100885
Signal
Low impactIndustrials

Details

The joint press release details the anticipated benefits of the combination, including enhanced competition, improved service efficiency, and economic benefits. The merger application includes over 2,000 letters of support and is available for public review. The transaction is expected to be completed by early 2027, subject to STB review and approval.

Items reported

Item 7.01

Regulation FD Disclosure

Regulation FD Disclosure
Item 9.01

Financial Statements and Exhibits

Exhibits Furnished

Market reaction

Close before filing

$234.42

Next session

+0.1%

Since filing

+24.6%

Latest close

$292.13

What happened, not what will happen — closing prices around the filing date.

Precedent

Previous filings from UNP reporting the same item, with the next session's move:

About Union Pacific Corporation

Union Pacific Corporation is a prominent transportation company renowned for its extensive network of railroads across the United States. As one of the largest freight transportation services in North America, it operates a significant portion of the American rail infrastructure, serving approximately 23 states across the western two-thirds of the United States. Union Pacific Corporation's primary function is to transport freight, which includes a diverse array of commodities such as agricultural products, automotive items, industrial chemicals, coal, and a wide range of consumer goods. This railroad operator plays a crucial role in the supply chain, providing essential links between producers and markets, thereby facilitating economic growth and development. The company’s operations are integral to the industries it serves, providing a reliable mode of bulk transportation and contributing to the efficiency and competitiveness of U.S. businesses. With a history dating back to 1862, Union Pacific Corporation is a fundamental pillar in the American transportation sector, representing a robust and enduring legacy in the railroad industry.

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