(The following appeared at CNN.com on December 19.)
SAN FRANCISCO — CSX Corp. responded Wednesday to an investor group’s plans nominate a minority slate of directors to stand for election at the 2008 annual meeting, saying it has confidence in the current board.
‘The Board and management team believe that the CSX directors are well qualified to further advance the interests of the company’s shareholders, as well as its employees, customers and communities,’ the company said.
Earlier Wednesday, The Children’s Investment Fund Management LLP and 3G Capital Partners Ltd. disclosed the formation of their group, whose holdings represent 8.3% of CSX’s outstanding stock.
The group also listed its five nominees for the Jacksonville, Fla.-based rail transportation company’s board. The nominees include Children’s Investment Fund founder Christopher Hohn and Alexandre Behring, the managing director of 3G Capital.
CSX shares fell 26 cents to $43.35 in intraday trading.