CSX/TCI: Changing trains

CSX held its annual meeting on Wednesday in a rail yard on the outskirts of New Orleans – a place described by The Children’s Investment Fund and 3G Capital as “a swamp”. Up for a shareholder vote were five new directors proposed by the two activist funds in an effort to dislodge some of the 12 board members favoured by the company. The vote turned into a damp squib. While the activists claimed two and then four of their slate had made it, the company said the vote was too close to call and wou...