Norfolk Southern Corp. shareholders voted overwhelmingly to approve its previously announced transaction with Union Pacific at the company’s Special Meeting of Shareholders.
Nearly 99% of the shares were cast in favor of the transaction.
“The approval of our shareholders marks a key milestone in our journey to create America’s first coast-to-coast transcontinental railroad, combining complementary networks and capabilities to unlock a multiplier effect for benefits to all stakeholders,” Norfolk Southern President and CEO Mark George said in a release.
“The merger will preserve union jobs and improve safety while delivering faster, more reliable transit times,” George added. “Together with UP, we will make rail more competitive with highways, offering customers new, more attractive shipping alternatives, unleashing the industrial strength of American manufacturing and creating new sources of economic growth across the country.”
Under the terms of the agreement, Norfolk Southern shareholders will receive one Union Pacific common share and $88.82 in cash for each Norfolk Southern share owned. The transaction is expected to close by early 2027, subject to Surface Transportation Board review and approval within its statutory timeline and customary closing conditions.
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