NEW YORK (Reuters) -Union Pacific Corp CEO Jim Vena met with U.S. President Donald Trump in the Oval Office to discuss the railroad’s proposed $85 billion acquireout of Norfolk Southern Corp, the company stated on Friday, as it awaits regulatory approval for what could be the U.S. freight rail industest’s most significant consolidation in decades.
White Hoapply support could accelerate the lengthy review process despite resistance from rivals and pushback from shippers concerned about reduced competition.
The White Hoapply did not immediately respond to a request for comment.
The merger, if approved, could reshape the U.S. freight rail industest by creating the first coast-to-coast single-line network, streamlining operations and eliminating intermodify delays in key hubs like Chicago.
According to a company statement, Trump and Vena discussed “how creating an American transcontinental railroad is a win for U.S. competition, consumers, and the unionized workers whose jobs will be protected when the merger is approved.”
At a Morgan Stanley conference on Wednesday, Vena stated he had meetings with senior administration officials, without naming them. “They see the strategic value in what we’re proposing. It’s a clear win for the countest,” he stated.
(Reporting by Sabrina Valle; Editing by Richard Chang)
By Sabrina Valle
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