Aug. 22 at 7:54 PM
CSX Corporation fell as much as 5% Friday after announcing new intermodal service agreements with BNSF, amid activist pressure to explore merger options.
The railroads plan coast-to-coast services linking Southern California with Charlotte, NC, Jacksonville, FL, and Phoenix with Atlanta, plus new international routes connecting NY/NJ and Norfolk with Kansas City.
Activist investor Ancora recently urged CSX’s board to pursue a merger with BNSF or Canadian Pacific Kansas City, citing weak shareholder returns, overspending, and operational decline. Ancora demanded the board hire outside advisors to evaluate merger opportunities.
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