Comment / Union Pacific + Norfolk – that Berkshire flier on Jim Vena's bathroom wall

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“I have a feeling it will have a way of taking it where it takes us, if history is any precedent” – Baird analyst Dan Moore’s prepared remarks, 11 November 2025

That was premonitory.

Yet, let’s skip briefly to the value-drivers first, as Union Pacific (UP) stock remains little changed for the year despite all the M&A-related coverage it has received.

First off 

One catalyst, around the corner: shareholder vote, Norfolk Southern (NS) deal, to be held on Friday, 14 November.

Another one, coming soon: ...

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    Berkshire Hathaway BNSF M&A radar Norfolk Southern rail Union Pacific Union Pacific-Norfolk Southern