Union Pacific announced an $85 billion bid to acquire Norfolk Southern, according to AP. The deal would create the first U.S. transcontinental railroad, linking 50,000 miles of track across 43 states, connecting to major ports on both coasts. The railroads say the merger would reduce shipment delays by eliminating handoffs between networks, a plan first reported by AP before the companies confirmed talks. CEO Jim Vena, who would lead the combined company, said the deal would improve speed and reliability for shippers and pledged to avoid past merger pitfalls. Antitrust regulators are expected to closely examine the deal due to past rail mergers that caused major traffic disruptions.
