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.

NSC merger would significantly expand Union Pacific's rail network, potentially challenging the dominance of BNSF Railway, which Berkshire Hathaway acquired in

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.