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Union Pacific is exploring an acquisition of Norfolk Southern, setting up what could rank as the largest railroad deal ever, according to people familiar with the matter.

“The acquisition of H&E accelerates Herc’s proven strategy and strengthens our position as a premier rental company in North America,” said Herc CEO Larry Silber.

Nippon Steel and United States Steel are on pace to finalize their $14.1 billion combination with President Donald Trump’s administration ahead of a deal deadline later this month.

During TFI’s Q4 2024 earnings call with analysts Feb. 20, the company’s top executive said he did not expect any major acquisitions in 2025, after previously promising substantial ones.

Herc Rentals is set to merge with fellow construction equipment supplier H&E Equipment Services after outbidding the largest player in the field, United Rentals, the company said Feb. 18.

When asked what chief executive officers think about his recently announced steel and aluminum tariffs, Trump said they’re “in love with them.” U.S. Steel is “through the roof,” he said.

The Greenwich, Conn.-based contract logistics firm posted net income of $100 million, or 83 cents a diluted share, for the three months ending Dec. 31.

The transportation sector saw merger and acquisition activity gain momentum as market conditions stabilized in the second half of 2024, according to experts.

M&A specialists are eyeing a robust list of U.S. takeover candidates, with a buoyant economy, strong buyer appetite and a potentially looser regulatory regime seen driving more deals.

“I want to have a stake in something that I’m going to be involved in,” Alan Kestenbaum said Jan. 27 in an interview. “If I get the chance to run the show, I’ll invest in myself.”