On this episode of Stock Movers:
- Union Pacific (UNP) agreed to acquire Norfolk Southern (NSC) in a cash-and-stock transaction valued at $85 billion, forming a transcontinental rail behemoth in what stands to be the industry’s largest deal ever.Norfolk Southern shareholders will receive one Union Pacific share and $88.82 in cash for each Norfolk share, the companies said in a statement Tuesday. Union Pacific will issue about 225 million shares to Norfolk Southern investors, representing 27% ownership in the combined company.
- Procter & Gamble (PG) shares are up 1.3% in premarket trading, after the consumer goods conglomerate reported fourth-quarter results that were slightly ahead of expectations. It also gave an outlook. Late on Monday, it announced that Chief Operating Officer Shailesh Jejurikar would become chief executive officer on Jan. 1.
- Novo Nordisk (NOVOB DC) shares slump as much as 30%, wiping more than $90b off the Danish drugmaker’s market value, after the company cut its sales and profit forecasts, citing slumping sales of weight-loss drugs. Novo named a company insider as its new CEO.
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