Union Pacific Considering a Norfolk Southern Buyout, Report Says. Here’s What Will Matter. Union Pacific is in talks to merge with Norfolk Southern, The Wall Street Journal reported Thursday, in a deal that would shake up the railroad business in America.

The combination of two large rail companies would create the first coast-to-coast network, but the deal could reduce competition.

Union Pacific, the largest U.S. railroad operator, said on Thursday it is in advanced talks with rival Norfolk Southern, signaling that a deal to form a $200 billion coast-to-coast rail company could be close - and potentially trigger further consolidation among remaining freight rail giants.