Union Pacific Eyes Norfolk Southern Deal
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Union Pacific is working with Morgan Stanley investment bankers to provide guidance on the potential acquisition of another Class I railroad, the online publication Semafor reported on Wednesday, citing people familiar with the matter.
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Union Pacific (UNP) Stock Trades Down, Here Is WhyShares of freight transportation company Union Pacific (NYSE:UNP) fell 3.2% in the pre-market session after reports revealed the company was considering a major acquisition of an East Coast railroad.
Executives and insiders have speculated for months that a Trump presidency could usher in a fresh wave of rail consolidation.
Union Pacific appears to be using a familiar playbook that large, publicly traded companies trot out when considering mergers and acquisitions: Send up trial balloons and see how they fly. These trial balloons let management gauge market reaction,
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CSX Corp. stock is up on reports that Union Pacific is interested in buying the Jacksonville-headquartered railroad company. CSX Corp.’s stock rose to its highest level of the year July 17 after a report that Union Pacific Corp. is seeking to buy one of the two major eastern railroads, CSX or Norfolk Southern Corp.