Union Pacific proposes Norfolk Southern acquisition; Wells Fargo advises Union Pacific

Union Pacific and Norfolk Southern announced a proposed combination at approximately USD 85 billion enterprise value for Norfolk Southern. Consideration was one Union Pacific share and USD 88.82 cash per Norfolk Southern share. Morgan Stanley and Wells Fargo advised Union Pacific. Completion was subject to regulatory and other conditions. The proposed USD 250 billion combined-company value is a separate metric and is not the acquisition price.