OMAHA, Neb. (AP) — Shareholders of Union Pacific and Norfolk Southern backed the railroads’ proposed $85 billion merger to create the nation’s first coast-to-coast rail network. Investors in both railroads voted to support the deal Friday, but the U.S. Surface Transportation Board must still approve it before the deal can be completed. UP CEO Jim Vena wants to file the formal merger application later this month or early December, and that will initiate the lengthy review process. The merger has picked up the support of the largest rail union and hundreds of shippers, but chemical manufacturers and competing railroad BNSF have raised concerns about whether the merger would hurt competition and lead to higher rates.
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