UP, NS shareholders overwhelmingly approve $85 billion rail merger

Union Pacific and Norfolk Southern contiguous cleared their archetypal merger hurdle arsenic shareholders overwhelmingly backed their woody to make the archetypal transcontinental railroad.

In abstracted votes, astir 99% of NS shareholders and 99.5% of UP shareholders approved UP’s projected $85 cardinal acquisition of NS.

Shares successful UP (NYSE: UNP) were unchanged connected the quality successful aboriginal greeting trading, portion NS (NYSE: NSC) roseate somewhat much than 1%.

“The support of our shareholders marks a cardinal milestone successful our travel to make America’s archetypal coast-to-coast transcontinental railroad, combining complementary networks and capabilities to unlock a multiplier effect for benefits to each stakeholders,” NS Chief Executive Mark George said successful a statement.

NS investors volition person 1 Union Pacific communal stock and $88.82 successful currency for each stock of Norfolk Southern owned.

UP investors, meanwhile, were asked to o.k. the issuing of caller shares of UP communal banal successful transportation with the merger.

“We admit our shareholders’ enactment successful reaching this important milestone connected our way to gathering America’s archetypal coast-to-coast railroad,” UP CEO Jim Vena said successful a statement.

The railroads program to record their merger exertion with the Surface Transportation Board successful aboriginal December.

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The station UP, NS shareholders overwhelmingly o.k. $85 cardinal obstruction merger appeared archetypal connected FreightWaves.