[8-K] Norfolk Southern Corp. Reports Material Event
Norfolk Southern (NSC) filed an 8-K under Item 7.01 disclosing that it and Union Pacific are in advanced discussions regarding a potential business combination. The 7/24/25 press release (Ex. 99.1) is furnished, not filed, meaning it carries no Section 18 liability.
No financial terms, valuation metrics, or closing timetable were provided, but a merger would create North America鈥檚 largest rail network, implying significant cost and revenue synergies along with heightened antitrust scrutiny. Management cautions that there is no assurance a transaction will be reached or consummated and highlights broad risk factors, including economic conditions, litigation related to the Eastern Ohio incident, and cybersecurity threats.
No other reportable items were included.
Norfolk Southern (NSC) ha presentato un modulo 8-K ai sensi della voce 7.01, rivelando che 猫 in trattative avanzate con Union Pacific per una possibile fusione aziendale. Il comunicato stampa del 24/07/25 (Ex. 99.1) 猫 fornito a scopo informativo e non 猫 stato depositato, pertanto non comporta responsabilit脿 ai sensi della Sezione 18.
Non sono stati forniti termini finanziari, metriche di valutazione o tempistiche per la chiusura, ma una fusione creerebbe la pi霉 grande rete ferroviaria del Nord America, implicando significative sinergie di costi e ricavi, oltre a un aumento del controllo antitrust. La direzione avverte che non vi 猫 alcuna garanzia che l鈥檕perazione venga raggiunta o conclusa e sottolinea ampi fattori di rischio, inclusi condizioni economiche, contenziosi legati all鈥檌ncidente nell鈥橢st dell鈥橭hio e minacce informatiche.
Non sono stati inclusi altri elementi rilevanti.
Norfolk Southern (NSC) present贸 un formulario 8-K bajo el punto 7.01 revelando que est谩 en conversaciones avanzadas con Union Pacific sobre una posible combinaci贸n empresarial. El comunicado de prensa del 24/07/25 (Ex. 99.1) se proporciona para informaci贸n, no se presenta formalmente, por lo que no conlleva responsabilidad bajo la Secci贸n 18.
No se ofrecieron t茅rminos financieros, m茅tricas de valoraci贸n ni un calendario de cierre, pero una fusi贸n crear铆a la red ferroviaria m谩s grande de Norteam茅rica, lo que implicar铆a importantes sinergias de costos e ingresos, adem谩s de un mayor escrutinio antimonopolio. La direcci贸n advierte que no hay garant铆a de que se alcance o concluya la transacci贸n y destaca amplios factores de riesgo, incluyendo condiciones econ贸micas, litigios relacionados con el incidente en el Este de Ohio y amenazas cibern茅ticas.
No se incluyeron otros elementos reportables.
雲疙嵔 靹滊崢(NSC)鞚� 頃 7.01鞐� 霐半澕 8-K 氤搓碃靹滊ゼ 鞝滌稖頃橂┌ 鞙犽媹鞏� 韻检嫓頂疥臣鞚� 鞛犾灛鞝� 靷梾 瓴绊暕鞐� 雽�頃� 瓿犼笁 順戩儊鞚� 歆勴枆 欷戩瀯鞚� 瓿店皽頄堨姷雼堧嫟. 2025雲� 7鞗� 24鞚� 氤措弰鞛愲(Ex. 99.1)電� 鞝滌稖霅� 瓴冹澊 鞎勲媹霛� 鞝滉车霅� 瓴冹溂搿�, 靹轨厴 18 毂呾瀯鞚� 鞐嗢姷雼堧嫟.
鞛 臁瓣贝, 韽夑皜 歆�響�, 毵堦皭 鞚检爼鞚� 鞝滉车霅橃 鞎婌晿鞙茧倶, 頃╇硲鞚� 靹膘偓霅橂┐ 攵侂 斓滊寑 觳犽弰 雱ろ姼鞗岉伂臧� 順曥劚霅橃柎 靸侂嫻頃� 牍勳毄 氚� 靾橃澋 鞁滊剤歆�鞕� 頃粯 臧曧檾霅� 霃呾爯 旮堨 鞁偓臧� 鞓堨儊霅╇媹雼�. 瓴届榿歆勳潃 瓯半灅臧� 靹膘偓霅橁卑雮� 鞕勲霅� 氤挫灔鞚� 鞐嗢溂氅�, 瓴届牅 靸來櫓, 霃欕秬 鞓ろ晿鞚挫槫 靷贝 甏�霠� 靻岇啞, 靷澊氩� 氤挫晥 鞙勴槕 霌� 甏戨矓鞙勴暅 鞙勴棙 鞖旍唽毳� 臧曥“頃橁碃 鞛堨姷雼堧嫟.
雼るジ 氤搓碃 臧�電ロ暅 頃鞚� 韽暔霅橃 鞎婌晿鞀惦媹雼�.
Norfolk Southern (NSC) a d茅pos茅 un formulaire 8-K sous l鈥檌tem 7.01, r茅v茅lant qu鈥檌l est en discussions avanc茅es avec Union Pacific concernant une possible fusion d鈥檈ntreprise. Le communiqu茅 de presse du 24/07/25 (Ex. 99.1) est fourni 脿 titre informatif, non d茅pos茅, ce qui signifie qu鈥檌l n鈥檈ntra卯ne aucune responsabilit茅 en vertu de la Section 18.
Aucun terme financier, m茅trique d鈥櫭﹙aluation ou calendrier de cl么ture n鈥檃 茅t茅 communiqu茅, mais une fusion cr茅erait le plus grand r茅seau ferroviaire d鈥橝m茅rique du Nord, impliquant des synergies importantes de co没ts et de revenus ainsi qu鈥檜n contr么le antitrust renforc茅. La direction avertit qu鈥檃ucune garantie n鈥檈st donn茅e quant 脿 la conclusion ou la r茅alisation de la transaction et souligne des facteurs de risque larges, notamment les conditions 茅conomiques, les litiges li茅s 脿 l鈥檌ncident dans l鈥橢st de l鈥橭hio et les menaces en cybers茅curit茅.
Aucun autre 茅l茅ment 脿 signaler n鈥檃 茅t茅 inclus.
Norfolk Southern (NSC) hat einen 8-K-Bericht unter Punkt 7.01 eingereicht und offengelegt, dass es sich in fortgeschrittenen Gespr盲chen mit Union Pacific 眉ber eine m枚gliche Unternehmenszusammenf眉hrung befindet. Die Pressemitteilung vom 24.07.25 (Ex. 99.1) wird bereitgestellt, jedoch nicht eingereicht, was bedeutet, dass keine Haftung gem盲脽 Abschnitt 18 besteht.
Es wurden keine finanziellen Bedingungen, Bewertungskennzahlen oder ein Zeitplan f眉r den Abschluss genannt, aber eine Fusion w眉rde das gr枚脽te Schienennetz Nordamerikas schaffen, was erhebliche Kosten- und Umsatzsynergien sowie eine verst盲rkte kartellrechtliche Pr眉fung impliziert. Das Management weist darauf hin, dass keine Garantie f眉r das Zustandekommen oder den Abschluss der Transaktion besteht und hebt umfassende Risikofaktoren hervor, darunter wirtschaftliche Bedingungen, Rechtsstreitigkeiten im Zusammenhang mit dem Vorfall in Ost-Ohio und Cybersecurity-Bedrohungen.
Weitere meldepflichtige Punkte wurden nicht aufgenommen.
- None.
- None.
Insights
TL;DR: Advanced merger talks with Union Pacific are strategically transformative and market-moving, but still preliminary.
The disclosure is highly impactful because a NSC鈥揢nion Pacific combination would create an unparalleled transcontinental rail franchise, unlocking route density, pricing power, and large cost synergies. Investors will likely assign option value to a deal scenario; NSC鈥檚 share price could re-rate on expected premium and long-term EBITDA uplift. However, until a definitive agreement is signed, outcome risk remains binary. Still, management鈥檚 confirmation of advanced talks suggests negotiations have progressed beyond exploratory stages, elevating probability of a formal announcement.
TL;DR: Potential deal faces formidable antitrust and STB hurdles; timeline and certainty remain unclear.
While strategically logical, a tie-up of two Class-I railroads will trigger intense scrutiny from the Surface Transportation Board, DOJ, and possibly Congress. Recent STB rhetoric favors competition and service reliability, heightening closing risk and possible divestiture requirements that could dilute synergies. Investors should weigh regulatory drag against upside; probability-adjusted benefits may be more modest than headline expectations.
Norfolk Southern (NSC) ha presentato un modulo 8-K ai sensi della voce 7.01, rivelando che 猫 in trattative avanzate con Union Pacific per una possibile fusione aziendale. Il comunicato stampa del 24/07/25 (Ex. 99.1) 猫 fornito a scopo informativo e non 猫 stato depositato, pertanto non comporta responsabilit脿 ai sensi della Sezione 18.
Non sono stati forniti termini finanziari, metriche di valutazione o tempistiche per la chiusura, ma una fusione creerebbe la pi霉 grande rete ferroviaria del Nord America, implicando significative sinergie di costi e ricavi, oltre a un aumento del controllo antitrust. La direzione avverte che non vi 猫 alcuna garanzia che l鈥檕perazione venga raggiunta o conclusa e sottolinea ampi fattori di rischio, inclusi condizioni economiche, contenziosi legati all鈥檌ncidente nell鈥橢st dell鈥橭hio e minacce informatiche.
Non sono stati inclusi altri elementi rilevanti.
Norfolk Southern (NSC) present贸 un formulario 8-K bajo el punto 7.01 revelando que est谩 en conversaciones avanzadas con Union Pacific sobre una posible combinaci贸n empresarial. El comunicado de prensa del 24/07/25 (Ex. 99.1) se proporciona para informaci贸n, no se presenta formalmente, por lo que no conlleva responsabilidad bajo la Secci贸n 18.
No se ofrecieron t茅rminos financieros, m茅tricas de valoraci贸n ni un calendario de cierre, pero una fusi贸n crear铆a la red ferroviaria m谩s grande de Norteam茅rica, lo que implicar铆a importantes sinergias de costos e ingresos, adem谩s de un mayor escrutinio antimonopolio. La direcci贸n advierte que no hay garant铆a de que se alcance o concluya la transacci贸n y destaca amplios factores de riesgo, incluyendo condiciones econ贸micas, litigios relacionados con el incidente en el Este de Ohio y amenazas cibern茅ticas.
No se incluyeron otros elementos reportables.
雲疙嵔 靹滊崢(NSC)鞚� 頃 7.01鞐� 霐半澕 8-K 氤搓碃靹滊ゼ 鞝滌稖頃橂┌ 鞙犽媹鞏� 韻检嫓頂疥臣鞚� 鞛犾灛鞝� 靷梾 瓴绊暕鞐� 雽�頃� 瓿犼笁 順戩儊鞚� 歆勴枆 欷戩瀯鞚� 瓿店皽頄堨姷雼堧嫟. 2025雲� 7鞗� 24鞚� 氤措弰鞛愲(Ex. 99.1)電� 鞝滌稖霅� 瓴冹澊 鞎勲媹霛� 鞝滉车霅� 瓴冹溂搿�, 靹轨厴 18 毂呾瀯鞚� 鞐嗢姷雼堧嫟.
鞛 臁瓣贝, 韽夑皜 歆�響�, 毵堦皭 鞚检爼鞚� 鞝滉车霅橃 鞎婌晿鞙茧倶, 頃╇硲鞚� 靹膘偓霅橂┐ 攵侂 斓滊寑 觳犽弰 雱ろ姼鞗岉伂臧� 順曥劚霅橃柎 靸侂嫻頃� 牍勳毄 氚� 靾橃澋 鞁滊剤歆�鞕� 頃粯 臧曧檾霅� 霃呾爯 旮堨 鞁偓臧� 鞓堨儊霅╇媹雼�. 瓴届榿歆勳潃 瓯半灅臧� 靹膘偓霅橁卑雮� 鞕勲霅� 氤挫灔鞚� 鞐嗢溂氅�, 瓴届牅 靸來櫓, 霃欕秬 鞓ろ晿鞚挫槫 靷贝 甏�霠� 靻岇啞, 靷澊氩� 氤挫晥 鞙勴槕 霌� 甏戨矓鞙勴暅 鞙勴棙 鞖旍唽毳� 臧曥“頃橁碃 鞛堨姷雼堧嫟.
雼るジ 氤搓碃 臧�電ロ暅 頃鞚� 韽暔霅橃 鞎婌晿鞀惦媹雼�.
Norfolk Southern (NSC) a d茅pos茅 un formulaire 8-K sous l鈥檌tem 7.01, r茅v茅lant qu鈥檌l est en discussions avanc茅es avec Union Pacific concernant une possible fusion d鈥檈ntreprise. Le communiqu茅 de presse du 24/07/25 (Ex. 99.1) est fourni 脿 titre informatif, non d茅pos茅, ce qui signifie qu鈥檌l n鈥檈ntra卯ne aucune responsabilit茅 en vertu de la Section 18.
Aucun terme financier, m茅trique d鈥櫭﹙aluation ou calendrier de cl么ture n鈥檃 茅t茅 communiqu茅, mais une fusion cr茅erait le plus grand r茅seau ferroviaire d鈥橝m茅rique du Nord, impliquant des synergies importantes de co没ts et de revenus ainsi qu鈥檜n contr么le antitrust renforc茅. La direction avertit qu鈥檃ucune garantie n鈥檈st donn茅e quant 脿 la conclusion ou la r茅alisation de la transaction et souligne des facteurs de risque larges, notamment les conditions 茅conomiques, les litiges li茅s 脿 l鈥檌ncident dans l鈥橢st de l鈥橭hio et les menaces en cybers茅curit茅.
Aucun autre 茅l茅ment 脿 signaler n鈥檃 茅t茅 inclus.
Norfolk Southern (NSC) hat einen 8-K-Bericht unter Punkt 7.01 eingereicht und offengelegt, dass es sich in fortgeschrittenen Gespr盲chen mit Union Pacific 眉ber eine m枚gliche Unternehmenszusammenf眉hrung befindet. Die Pressemitteilung vom 24.07.25 (Ex. 99.1) wird bereitgestellt, jedoch nicht eingereicht, was bedeutet, dass keine Haftung gem盲脽 Abschnitt 18 besteht.
Es wurden keine finanziellen Bedingungen, Bewertungskennzahlen oder ein Zeitplan f眉r den Abschluss genannt, aber eine Fusion w眉rde das gr枚脽te Schienennetz Nordamerikas schaffen, was erhebliche Kosten- und Umsatzsynergien sowie eine verst盲rkte kartellrechtliche Pr眉fung impliziert. Das Management weist darauf hin, dass keine Garantie f眉r das Zustandekommen oder den Abschluss der Transaktion besteht und hebt umfassende Risikofaktoren hervor, darunter wirtschaftliche Bedingungen, Rechtsstreitigkeiten im Zusammenhang mit dem Vorfall in Ost-Ohio und Cybersecurity-Bedrohungen.
Weitere meldepflichtige Punkte wurden nicht aufgenommen.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company.
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01. | Regulation FD Disclosure |
On July 24, 2025, Norfolk Southern Corporation (the “Company”) issued a press release confirming that the Company and Union Pacific Corporation are engaged in advanced discussions regarding a potential business combination. A copy of the press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference.
The information furnished pursuant to this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
The following exhibits are furnished as part of this Current Report on Form 8-K:
| Exhibit |
Description | |
| 99.1 | Press Release dated July 24, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain statements in this Current Report on Form 8-K are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance, or the Company’s achievements or those of the Company’s industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like “may,” “will,” “could,” “would,” “should,” “expect,” “anticipate,” “believe,” “project,” or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs and projections it views as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control, including but not limited to: (i) changes in domestic or international economic, political or business conditions, including those impacting the transportation industry; (ii) the Company’s ability to successfully implement its operational, productivity, and strategic initiatives; (iii) a significant adverse event on the Company’s network, including but not limited to a mainline accident, discharge of hazardous material, or climate-related or other network outage; (iv) the outcome of claims, litigation, governmental proceedings, and investigations involving the Company, including those with respect to the Eastern Ohio incident; (v) the nature and extent of the Company’s environmental remediation obligations with respect to the Eastern Ohio incident; (vi) new or additional governmental regulation and/or operational changes resulting from or related to the Eastern Ohio incident or otherwise; (vii) a significant cybersecurity incident or other disruption to the Company’s technology infrastructure; and (viii) that any agreement with respect to a potential transaction with Union Pacific Corporation will be reached, that any potential transaction may or may not be consummated, and the timing, terms or conditions relating to any such potential transaction. These and other important factors, including those discussed under “Risk Factors” in the Company Annual Report on Form 10-K for the year ended December 31, 2024, as well as the Company’s subsequent filings with the SEC, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| SIGNATURES |
| NORFOLK SOUTHERN CORPORATION |
| (Registrant) |
| /s/ Jeremy Ballard |
| Name: Jeremy Ballard |
| Title: Corporate Secretary |
| Date: July 24, 2025 |
Source:
