06:31 AM EDT, 07/17/2025 (MT Newswires) -- Union Pacific ( UNP ) has engaged Morgan Stanley ( MS ) to explore a potential acquisition of a rival railroad, Semafor reported Wednesday, citing people familiar with the matter.

While Union Pacific's ( UNP ) target couldn't be learned, CSX (CSX) or Norfolk Southern ( NSC ) could be the potential options, according to the report.

Union Pacific ( UNP ), CSX, Norfolk Southern ( NSC ), and Morgan Stanley ( MS ) didn't immediately respond to MT Newswires' requests for comments.

Union Pacific ( UNP ) shares were down 1.3% in recent premarket activity Thursday, while CSX and Norfolk Southern ( NSC ) rose 4.5% and 2.8%, respectively.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)