Union Pacific and Norfolk Southern confirmed that they are in “advanced” merger talks that would create a single U.S railroad with service stretching from the East to the West Coast. The Associated Press reported last week that the companies were discussing a tie-up but neither company acknowledged that until Thursday morning.

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.