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.
“We’re a company that can afford to make this deal,” Vena said. “We’re a company that can afford to handle what the price is for this deal, and we do not need anybody’s help to do this.”
“I find it comforting that the president of the United States looked at what we’re doing and says, ‘Son of a gun, this is a good business, a good business move, strong, and I’d like to invest,’” Vena added. “Listen, I have not had any direct communication with the president of the United States to talk about the president and the government specifically coming in and being a partner in this.”
