Union Pacific Considering a Norfolk Southern Buyout
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Union Pacific Corp. is exploring an acquisition of Norfolk Southern Corp., setting up what could rank as the largest railroad deal ever, according to people familiar with the matter.The talks are at an early stage and there’s no guarantee the companies will reach a deal,
Following the development, Bank of America upgraded CSX Corporation ( CSX) to a Buy rating from Neutral, and boosted its price objective on Norfolk Southern ( NSC) to $350 from $290 due to the increased potential for M&A discussions.