WASHINGTON, D.C. — Sen. Robert Menendez is worried about foreign owners taking greater control of CSX Corp., a major U.S. freight railroad.
The New Jersey Democrat and five other senators have written to the Bush administration, seeking an investigation into the apparent purchase of a large number of CSX shares by a Cayman Islands-based entity called The Children’s Investment Fund.
“Very little is known about the investors of the TCI Group or those investors’ agenda,” they wrote, adding that the Japanese government recently barred TCI from gaining greater control of a utility company citing national security concerns.
The investors are seeking major changes in CSX that could hurt the company and prevent it from continuing as a major mover of goods in 23 states and for the U.S. military and ports, according to the letter sent this week.
CSX also is the biggest railroad operating in New Jersey.