Union Pacific (UNP) has engaged Morgan Stanley (MS) to explore a potential acquisition of a rival railroad, Semafor reported Wednesday, citing people familiar with the matter.
While Union Pacific's target couldn't be learned, CSX (CSX) or Norfolk Southern (NSC) could be the potential options, according to the report.
Union Pacific, CSX, Norfolk Southern, and Morgan Stanley didn't immediately respond to MT Newswires' requests for comments.
Union Pacific shares were down 1.3% in recent premarket activity Thursday, while CSX and Norfolk Southern rose 4.5% and 2.8%, respectively.
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