Union Pacific had said on Thursday it is in advanced talks to acquire its rival, signaling that a deal to form a $200 billion coast-to-coast rail company could be close - and potentially trigger further consolidation among remaining freight rail giants.

Union Pacific (NYSE:UNP), the largest U.S. railroad operator, is reportedly close to finalizing an agreement to acquire Norfolk Southern (NYSE:NSC), according to Bloomberg. The deal, expected as early as next week,

Union Pacific acquires Norfolk Southern, forming the first U.S. transcontinental railroad. Read the latest stock analysis on the merger here.