Union Pacific is seeking to buy Norfolk Southern in a $85 billion deal that would create the first transcontinental railroad in the U.S.

Union Pacific and Norfolk Southern announce a landmark $85 billion merger to create America's first transcontinental railroad, connecting over 50,000 route miles from coast to coast.

The railroads said the merger would streamline deliveries by eliminating several days of delays when shipments are handed off between railroads.

Union Pacific is acquiring Norfolk Southern Railroad, with the combination set to create America's first-ever transcontinental railroad, which the companies say was a dream first envisioned by President Abraham Lincoln.

Groups representing rail shippers say they would be opposed to the creation of a transcontinental railroad in the U.S., arguing that further consolidation in the industry would reduce their competitive options,

The US railroad industry has sought consolidation for decades. For Union Pacific Corp. and CEO Jim Vena, the stars are finally aligning.

A new coast-to-coast Amtrak proposal would include stops in Galesburg and Princeton, Illinois, connecting the Midwest to New York and Los Angeles in under 72 hours.