Union Pacific has announced an $85 billion agreement to acquire Norfolk Southern, aiming to create the first coast-to-coast freight rail operator in the United States. The merger would combine Union Pacific's strong presence in the western U.S. with Norfolk Southern's 19,500-mile network, establishing a transcontinental rail giant that would reshape the transportation of goods ranging from grains to automobiles. This deal, which involves a cash and stock transaction, is set to become the largest buyout in the U.S. railroad industry. The Surface Transportation Board has confirmed that both companies have formally filed a notice of intent to combine, initiating the regulatory review process. The merger is expected to increase competitive pressure on other major rail operators, including CSX and Berkshire Hathaway's BNSF. However, the largest U.S. rail union has expressed its intention to oppose the acquisition.