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.

Union Pacific is working with Morgan Stanley investment bankers to provide guidance on the potential acquisition of another Class I railroad, the online publication Semafor reported on Wednesday, citing people familiar with the matter.

Union Pacific , the largest U.S. freight railroad operator, is exploring a possible acquisition of Norfolk Southern to create a $200 billion coast-to-coast rail network, a person familiar with the matter said.