Union Pacific, Norfolk shareholders approve $85 billion merger

(Reuters) -Union Pacific and Norfolk Southern shareholders approved a deal to merge both railroad operators, the companies said on Friday.

Over 99% of shareholders at both Union Pacific and Norfolk voted in favor of the $85 billion deal.

The deal, which has drawn a positive response from U.S. President Donald Trump, is still subject to regulatory clearance from the Surface Transportation Board.

The merger will create the nation’s first coast-to-coast freight rail operator and reshape the movement of goods from grains to autos across the country.

(Reporting by Nathan Gomes in Bengaluru; Editing by Leroy Leo)