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A proposed $85 billion merger between Union Pacific and Norfolk Southern cleared a key hurdle Friday, as it earned the overwhelming support of shareholders. Approximately 99% voted in favor of the potentially historic deal to build the nation’s first coast-to-coast rail network. Next, the plan requires federal regulatory approval from the Surface Transportation Board. SMART-T — the nation’s largest rail union — along with hundreds of shipping companies, have endorsed the merger. Others, including rival railroad BNSF, have raised concerns about its potential to limit competition.
