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Hedge funds claim victory in CSX board battle

Hedge funds The Children’s Investment Fund Management and 3G Capital Partners claimed an early victory in a battle over railroad operator CSX’s board, the latest move in a proxy battle that has raised questions on how activist investors use derivatives to build their stakes.

TCI and 3G claimed four of the five candidates they put forward for seats won based on preliminary results, according to a statement released on behalf of TCI and 3G.

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