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Posted: 1:12 PM- OMAHA, Neb. - Union Pacific Corp.'s board has approved a plan to split the railroad company's stock later this month.
The railroad's board approved the plan Thursday before the company's annual shareholder meeting in Salt Lake City.
Shares of Union Pacific stock gained 98 cents Thursday to sell for $146.17 in midafternoon trading.
All Union Pacific investors who own stock on May 12 will receive one additional share of stock for every share they own as part of the 2-for-1 split. The new shares of stock will be distributed May 28.
Union Pacific's board also approved a plan to repurchase 20 million shares of its stock by April 2011.
The company also announced its regular quarterly dividend of 44 cents per share.
