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The board is currently weighing a merger between Norfolk Southern and Union Pacific that would create a massive single railroad company controlling shipments across the continental U.S.

The statement comes about a month after rival Union Pacific agreed to acquire Norfolk Southern in a cash-and-stock transaction valuing the company at about $72 billion.

U.S. rules require rail mergers to show that a deal would serve the public interest and enhance competition, a step beyond merger requirements applied to other industries.

CSX is working with Goldman Sachs Group, people familiar with the matter said, as the company explores options to participate in rail consolidation after two major rivals announced a merger.

At a time when the industry is bracing for further consolidation, Ancora believes that CSX under CEO Joseph Hinrichs has been “underperforming.”

Union Pacific agreed to acquire Norfolk Southern, forming a transcontinental rail behemoth in what stands to be the industry’s largest deal ever.

Analysts have speculated that a Union Pacific-Norfolk Southern tie-up could leave the next-biggest companies in the industry — BNSF and CSX — to at least consider their own combinations.

A merger would create a single U.S railroad with service stretching from the East to the West Coast.

Union Pacific and Norfolk Southern are in merger talks that would create a railroad in North America that essentially connects the East and West Coasts.

Union Pacific is exploring an acquisition of Norfolk Southern, setting up what could rank as the largest railroad deal ever, according to people familiar with the matter.