Union Pacific Eyes Norfolk Southern Deal
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A late-in-the-game demand by Norfolk Southern railroad is hiking the price of an already over-budget rail yard the South Carolina State Ports Authority is building to support cargo shipments through the Port of Charleston.
Union Pacific is in talks to acquire Norfolk Southern, The Wall Street Journal reported late Thursday, citing people familiar with the matter. The deal would merge companies with a combined market value of roughly $200 billion.
Second-quarter profit jumps 46% at Netflix, a report says Union Pacific is in early-stage talks to buy smaller railroad rival Norfolk Southern, and earnings at Interactive Brokers get a boost from trading activity.
The rails sector was jolted on Thursday by a report that Union Pacific (NYSE:UNP) has reportedly taken steps toward exploring a major acquisition of either CSX Corporation (NASDAQ:CSX) or Norfolk Southern (NYSE:NSC).
A whistleblower group claims the EPA collaborated with Norfolk Southern to manipulate soil testing data following the East Palestine train derailment.
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