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Union Pacific to acquire Norfolk for $85B

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Union Pacific has inked an $85 billion deal to purchase smaller rival Norfolk Southern.

The deal faces regulatory hurdles, though the U.S. Surface Transportation Board that oversees railroads has recently signaled a merger-friendly approach to companies in the industry.

People familiar with the matter said the talks also have prompted BNSF and CSX to explore merger options.

Read more from Reuters.

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