Union Pacific and Norfolk Southern are in early talks to merge, according to people familiar with the matter, a combination that would create the largest railroad in the United States.
A Norfolk Southern spokesperson declined to comment. A Union Pacific spokesperson did not immediately have a comment.
Semafor reported Wednesday that Union Pacific was working with bankers from Morgan Stanley on a bid for a rival. It is also looking to hire lobbyists to help it engage with Congressional and White House officials, according to people familiar with the matter.
This is a developing story.
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