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Fortune

Jordan Blum

Union Pacific CEO responds to Trump idea for U.S. stake in $71.5 billion railroad mega merger: ‘We do not need anybody’s help to do this’

Donald Trump Union Pacific Jim Vena STB UP Norfolk Southern Fortune FTC

A maintenance worker walks past the company logo on the side of a locomotive in the Union Pacific Railroad fueling yard in north Denver, Oct. 18, 2006. (Credit: AP Photo/David Zalubowski)

Union Pacific CEO Jim Vena said he’s not interested in the federal government acquiring a stake in UP’s massive, $71.5 billion acquisition of Norfolk Southern—after President Trump expressed his interest to Fortune in owning a part of what could be the largest railroad merger—but Vena also didn’t definitively shut down the possibility.

Speaking to CNBC on Thursday, Vena said he’s complimented by Trump’s interest, but that Union Pacific doesn’t need any such federal support. Trump in May told Fortune that he wants a 15% federal stake in the large railroad merger—although he didn’t specifically name UP—comments that came just days before a federal regulator put the mega deal on pause for additional review.

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