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Union Pacific wants to buy Norfolk Southern in an $85 billion deal that would create the first transcontinental railroad.  That deal faces a lengthy review by the Surface Transportation Board.

The company said the decision would create greater synergies, enhance customer service, improve operational efficiency and accelerate innovation across the specialty vehicle segment.

Global deal values have topped $1 trillion in a third quarter for only the second time ever, thanks to transactions like the Sept. 29 $55 billion take-private of video game maker Electronic Arts.

U.S. Steel approved a $300 million investment to upgrade some of its facilities, advancing part of an $11 billion commitment by Nippon Steel after its takeover of the steelmaker earlier this year.

The proposed merger, which would create a massive single railroad company controlling shipments across the continental U.S., is being weighed by the Surface Transportation Board.

The companies will evaluate regulatory issues and cost savings of a deal, according to a statement. The accord doesn’t assure a transaction will be proposed.

The bill marks a sharp shift from years of regulatory scrutiny by the state’s lawmakers toward its oil and gas industry and decades of declining in-state crude production.

Following the breakup, one company will be made up of its Heinz Ketchup and other iconic condiments and boxed meals — a unit that currently generates $15.4 billion in sales.

Houston-based Pinch is seeking to expand its flatbed less-than-truckload and truckload operations for oil and natural gas exploration and service companies with the deal.

Last week, US Foods urged Performance Food to accept its invitation to explore a merger.