NEW YORK (Reuters) -Union Pacific Corp CEO Jim Vena met with U.S. President Donald Trump in the Oval Office to discuss the railroad's proposed $85 billion buyout of Norfolk Southern Corp, the company said on Friday, as it awaits regulatory approval for what could be the U.S. freight rail industry's most significant consolidation in decades.

White House support could accelerate the lengthy review process despite resistance from rivals and pushback from shippers concerned about reduced competition.

The White House did not immediately respond to a request for comment.

The merger, if approved, could reshape the U.S. freight rail industry by creating the first coast-to-coast single-line network, streamlining operations and eliminating interchange delays in key hubs like Chicago. 

According to a company statement, Trump and Vena discussed "how creating an American transcontinental railroad is a win for U.S. competition, consumers, and the unionized workers whose jobs will be protected when the merger is approved."

At a Morgan Stanley conference on Wednesday, Vena said he had meetings with senior administration officials, without naming them. "They see the strategic value in what we're proposing. It's a clear win for the country," he said.