(UP) and Norfolk Southern Corp., major grain shippers and two of the six Class I freight railroads in North America, confirmed they are in “advanced discussions” regarding a potential merger. “There can be no assurances as to whether an agreement for a transaction will be reached or as to the terms of any such transaction,

Union Pacific Corp. could reach an agreement to acquire Norfolk Southern Corp. and create a transcontinental rail behemoth as soon as early next week, people familiar with the matter said.

Union Pacific (NYSE:UNP) could reach an agreement to acquire Norfolk Southern (NYSE:NSC) in a potential cash-and-stock deal as early as this week. Read more here.