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.

Merger talk is swirling around Union Pacific Corp. and Norfolk Southern Corp. in a deal that could create a railroad mega-carrier and a huge transcontinental network spanning the U.S.

Union Pacific is reportedly considering acquiring a rival railroad, sending shares of CSX and Norfolk Southern higher.