Omaha-based Union Pacific Railroad’s announcement Tuesday that it is acquiring the Norfolk Southern Railway — a move that would create the first transcontinental, coast-to-coast rail system — drew praise from Nebraska’s public and business leaders.

The Surface Transportation Board (STB) announced Wednesday that Union Pacific (NYSE: UNP) and Norfolk Southern (NYSE: NSC) have formally filed a notice of intent to merge, initiating the federal regulatory review

Union Pacific said on Tuesday it would buy smaller rival Norfolk Southern in an $85 billion deal to create the first U.S. coast-to-coast freight rail operator and reshape the movement of goods from grains to autos across the country.