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Union Pacific wants to buy Norfolk Southern in an $85 billion deal that would create the first transcontinental railroad.  That deal faces a lengthy review by the Surface Transportation Board.

Robert Primus, who had served on the board since 2001, said his firing threatens the independence of the five-member Surface Transportation Board.

Global deal values have topped $1 trillion in a third quarter for only the second time ever, thanks to transactions like the Sept. 29 $55 billion take-private of video game maker Electronic Arts.

CSX named Steve Angel as its new CEO as the railroad faces pressure from an activist investor and rising competitive challenges.

Others are still skeptical of Union Pacific’s proposed $85 billion acquisition of Norfolk Southern.

The proposed merger, which would create a massive single railroad company controlling shipments across the continental U.S., is being weighed by the Surface Transportation Board.

Union Pacific's CEO discussed the railroad’s proposed $72 billion acquisition of rival Norfolk Southern with President Donald Trump as the company seeks regulatory approval for the deal.

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.