Union Pacific Corp., North America’s largest railroad, is in advanced discussions with Norfolk Southern Corp. about a potential tie-up in what would be the industry’s largest deal ever.

Union Pacific and Norfolk Southern are nearing a $200 billion merger that could reshape U.S. freight transport, raising hopes for efficiency and concerns over competition.

Union Pacific (NYSE:UNP), the largest U.S. railroad operator, is reportedly close to finalizing an agreement to acquire Norfolk Southern (NYSE:NSC), according to Bloomberg. The deal, expected as early as next week,