[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’s 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 è in trattative avanzate con Union Pacific per una possibile fusione aziendale. Il comunicato stampa del 24/07/25 (Ex. 99.1) è fornito a scopo informativo e non è stato depositato, pertanto non comporta responsabilità ai sensi della Sezione 18.
Non sono stati forniti termini finanziari, metriche di valutazione o tempistiche per la chiusura, ma una fusione creerebbe la più 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 è alcuna garanzia che l’operazione venga raggiunta o conclusa e sottolinea ampi fattori di rischio, inclusi condizioni economiche, contenziosi legati all’incidente nell’Est dell’Ohio e minacce informatiche.
Non sono stati inclusi altri elementi rilevanti.
Norfolk Southern (NSC) presentó un formulario 8-K bajo el punto 7.01 revelando que está en conversaciones avanzadas con Union Pacific sobre una posible combinación empresarial. El comunicado de prensa del 24/07/25 (Ex. 99.1) se proporciona para información, no se presenta formalmente, por lo que no conlleva responsabilidad bajo la Sección 18.
No se ofrecieron términos financieros, métricas de valoración ni un calendario de cierre, pero una fusión crearía la red ferroviaria más grande de Norteamérica, lo que implicaría importantes sinergias de costos e ingresos, además de un mayor escrutinio antimonopolio. La dirección advierte que no hay garantía de que se alcance o concluya la transacción y destaca amplios factores de riesgo, incluyendo condiciones económicas, litigios relacionados con el incidente en el Este de Ohio y amenazas cibernéticas.
No se incluyeron otros elementos reportables.
노퍽 서던(NSC)은 항목 7.01에 따라 8-K 보고서를 제출하며 유니언 퍼시픽과의 잠재적 사업 결합에 대해 고급 협상을 진행 중임을 공개했습니다. 2025년 7월 24일 보도자료(Ex. 99.1)는 제출된 것이 아니라 제공된 것으로, 섹션 18 책임이 없습니다.
재무 조건, 평가 지표, 마감 일정은 제공되지 않았으나, 합병이 성사되면 북미 최대 철도 네트워크가 형성되어 상당한 비용 및 수익 시너지와 함께 강화된 독점 금지 심사가 예상됩니다. 경영진은 거래가 성사되거나 완료될 보장이 없으며, 경제 상황, 동부 오하이오 사건 관련 소송, 사이버 보안 위협 등 광범위한 위험 요소를 강조하고 있습니다.
다른 보고 가능한 항목은 포함되지 않았습니다.
Norfolk Southern (NSC) a déposé un formulaire 8-K sous l’item 7.01, révélant qu’il est en discussions avancées avec Union Pacific concernant une possible fusion d’entreprise. Le communiqué de presse du 24/07/25 (Ex. 99.1) est fourni à titre informatif, non déposé, ce qui signifie qu’il n’entraîne aucune responsabilité en vertu de la Section 18.
Aucun terme financier, métrique d’évaluation ou calendrier de clôture n’a été communiqué, mais une fusion créerait le plus grand réseau ferroviaire d’Amérique du Nord, impliquant des synergies importantes de coûts et de revenus ainsi qu’un contrôle antitrust renforcé. La direction avertit qu’aucune garantie n’est donnée quant à la conclusion ou la réalisation de la transaction et souligne des facteurs de risque larges, notamment les conditions économiques, les litiges liés à l’incident dans l’Est de l’Ohio et les menaces en cybersécurité.
Aucun autre élément à signaler n’a été inclus.
Norfolk Southern (NSC) hat einen 8-K-Bericht unter Punkt 7.01 eingereicht und offengelegt, dass es sich in fortgeschrittenen Gesprächen mit Union Pacific über eine mögliche Unternehmenszusammenführung befindet. Die Pressemitteilung vom 24.07.25 (Ex. 99.1) wird bereitgestellt, jedoch nicht eingereicht, was bedeutet, dass keine Haftung gemäß Abschnitt 18 besteht.
Es wurden keine finanziellen Bedingungen, Bewertungskennzahlen oder ein Zeitplan für den Abschluss genannt, aber eine Fusion würde das größte Schienennetz Nordamerikas schaffen, was erhebliche Kosten- und Umsatzsynergien sowie eine verstärkte kartellrechtliche Prüfung impliziert. Das Management weist darauf hin, dass keine Garantie für 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–Union 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’s 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’s 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 è in trattative avanzate con Union Pacific per una possibile fusione aziendale. Il comunicato stampa del 24/07/25 (Ex. 99.1) è fornito a scopo informativo e non è stato depositato, pertanto non comporta responsabilità ai sensi della Sezione 18.
Non sono stati forniti termini finanziari, metriche di valutazione o tempistiche per la chiusura, ma una fusione creerebbe la più 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 è alcuna garanzia che l’operazione venga raggiunta o conclusa e sottolinea ampi fattori di rischio, inclusi condizioni economiche, contenziosi legati all’incidente nell’Est dell’Ohio e minacce informatiche.
Non sono stati inclusi altri elementi rilevanti.
Norfolk Southern (NSC) presentó un formulario 8-K bajo el punto 7.01 revelando que está en conversaciones avanzadas con Union Pacific sobre una posible combinación empresarial. El comunicado de prensa del 24/07/25 (Ex. 99.1) se proporciona para información, no se presenta formalmente, por lo que no conlleva responsabilidad bajo la Sección 18.
No se ofrecieron términos financieros, métricas de valoración ni un calendario de cierre, pero una fusión crearía la red ferroviaria más grande de Norteamérica, lo que implicaría importantes sinergias de costos e ingresos, además de un mayor escrutinio antimonopolio. La dirección advierte que no hay garantía de que se alcance o concluya la transacción y destaca amplios factores de riesgo, incluyendo condiciones económicas, litigios relacionados con el incidente en el Este de Ohio y amenazas cibernéticas.
No se incluyeron otros elementos reportables.
노퍽 서던(NSC)은 항목 7.01에 따라 8-K 보고서를 제출하며 유니언 퍼시픽과의 잠재적 사업 결합에 대해 고급 협상을 진행 중임을 공개했습니다. 2025년 7월 24일 보도자료(Ex. 99.1)는 제출된 것이 아니라 제공된 것으로, 섹션 18 책임이 없습니다.
재무 조건, 평가 지표, 마감 일정은 제공되지 않았으나, 합병이 성사되면 북미 최대 철도 네트워크가 형성되어 상당한 비용 및 수익 시너지와 함께 강화된 독점 금지 심사가 예상됩니다. 경영진은 거래가 성사되거나 완료될 보장이 없으며, 경제 상황, 동부 오하이오 사건 관련 소송, 사이버 보안 위협 등 광범위한 위험 요소를 강조하고 있습니다.
다른 보고 가능한 항목은 포함되지 않았습니다.
Norfolk Southern (NSC) a déposé un formulaire 8-K sous l’item 7.01, révélant qu’il est en discussions avancées avec Union Pacific concernant une possible fusion d’entreprise. Le communiqué de presse du 24/07/25 (Ex. 99.1) est fourni à titre informatif, non déposé, ce qui signifie qu’il n’entraîne aucune responsabilité en vertu de la Section 18.
Aucun terme financier, métrique d’évaluation ou calendrier de clôture n’a été communiqué, mais une fusion créerait le plus grand réseau ferroviaire d’Amérique du Nord, impliquant des synergies importantes de coûts et de revenus ainsi qu’un contrôle antitrust renforcé. La direction avertit qu’aucune garantie n’est donnée quant à la conclusion ou la réalisation de la transaction et souligne des facteurs de risque larges, notamment les conditions économiques, les litiges liés à l’incident dans l’Est de l’Ohio et les menaces en cybersécurité.
Aucun autre élément à signaler n’a été inclus.
Norfolk Southern (NSC) hat einen 8-K-Bericht unter Punkt 7.01 eingereicht und offengelegt, dass es sich in fortgeschrittenen Gesprächen mit Union Pacific über eine mögliche Unternehmenszusammenführung befindet. Die Pressemitteilung vom 24.07.25 (Ex. 99.1) wird bereitgestellt, jedoch nicht eingereicht, was bedeutet, dass keine Haftung gemäß Abschnitt 18 besteht.
Es wurden keine finanziellen Bedingungen, Bewertungskennzahlen oder ein Zeitplan für den Abschluss genannt, aber eine Fusion würde das größte Schienennetz Nordamerikas schaffen, was erhebliche Kosten- und Umsatzsynergien sowie eine verstärkte kartellrechtliche Prüfung impliziert. Das Management weist darauf hin, dass keine Garantie für 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):
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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 |
