SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D under the Securities Exchange Act of 1934 (Amendment No. 11) Southern Pacific Rail Corporation (Name of Issuer) Common Stock, Par Value $.001 Per Share (Title of class of securities) 843584 10 3 (CUSIP number) Richard J. Ressler, Esq. Assistant General Counsel Union Pacific Corporation Martin Tower, Eighth and Eaton Avenues Bethlehem, Pennsylvania 18018 (610) 861-3200 (Name, address and telephone number of person authorized to receive notices and communications) with a copy to: Paul T. Schnell, Esq. Skadden, Arps, Slate, Meagher & Flom 919 Third Avenue New York, New York 10022 Telephone: (212)735-3000 This Amendment No. 11 amends and supplements the Schedule 13D relating to the beneficial ownership by UP Acquisition Corporation ("Purchaser"), a Delaware corporation and a wholly owned subsidiary of Union Pacific Railroad Company, a Utah corporation ("UPRR") and an indirect wholly owned subsidiary of Union Pacific Corporation, a Utah corporation ("Parent"), UPRR and Parent of shares of Common Stock, par value $.001 per share (the "Shares"), of Southern Pacific Rail Corporation, a Delaware corporation (the "Company"). Unless otherwise indicated herein, each capitalized term used and not defined herein shall have the meaning assigned to such term in the Tender Offer Statement on Schedule 14D-1 filed with the Securities and Exchange Commission by Purchaser, UPRR and Parent or in the Offer to Purchase referred to therein. ITEM 4. PURPOSE OF TRANSACTION. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. The information set forth in Items 4 and 6 of the Schedule 13D is hereby amended and supplemented by the following information: On January 17, 1996, the Company held its scheduled special meeting of stockholders at which the Company's stockholders approved and adopted the Merger Agreement. SIGNATURE After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: January 18, 1996 UNION PACIFIC CORPORATION By: /s/ Carl W. von Bernuth Name: Carl W. von Bernuth Title: Senior Vice President and General Counsel SIGNATURE After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: January 18, 1996 UP ACQUISITION CORPORATION By: /s/ Carl W. von Bernuth Name: Carl W. von Bernuth Title: Vice President and Assistant Secretary SIGNATURE After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: January 18, 1996 UNION PACIFIC RAILROAD COMPANY By: /s/ Carl W. von Bernuth Name: Carl W. von Bernuth Title: Senior Vice President and General Counsel