Union Pacific Corp. agreed to acquire Norfolk Southern Corp. in a $72 billion cash-and-stock transaction, forming the only US transcontinental railroad in what stands to be the industry’s largest deal ever.

By David Shepardson WASHINGTON (Reuters) -Senate Democratic leader Chuck Schumer on Thursday criticized Union Pacific's plan to acquire Norfolk Southern in a $85 billion deal that would create the first U.

Union Pacific is seeking to buy Norfolk Southern in a $85 billion deal that would create the first transcontinental railroad in the U.S, and potentially trigger a final wave of rail mergers across the country.