Union Pacific Corp. could reach an agreement to acquire Norfolk Southern Corp. and create a transcontinental rail behemoth as soon as early next week, people familiar with the matter said.

Union Pacific (NYSE:UNP) could reach an agreement to acquire Norfolk Southern (NYSE:NSC) in a potential cash-and-stock deal as early as this week. Read more here.

The combination of two large rail companies would create the first coast-to-coast network, but the deal could reduce competition.