Union Pacific Railroad is engaged in "advanced discussions" with Norfolk Southern Railway about a merger, CEO Jim Vena said on an earnings call Thursday.
What they're saying: "There are no assurances that we'll reach an agreement, but we are talking," Vena told investors.
"We will not comment any further until there's something to disclose, and we will not take any questions relating to this topic during the Q&A," he added.
"We've done a lot of homework to get us to this place," Vena noted.
Catch up quick: The Wall Street Journal scooped the news of the deal, prompting speculation about how rival railroad BNSF Railway might respond.
CSX, the other East Coast Class I railroad, is open to deals, CEO Joe Hinrichs told Bloomberg.
