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Investing.com -- Hedge fund Toms Capital Investment Management has requested a meeting with the board of U.S. railroad operator CSX (NASDAQ:CSX) after acquiring a stake in the company, potentially signaling a push for a merger, according to a report from Reuters.
Toms Capital, led by Ben Pass, purchased 5.6 million shares of CSX common stock during the second quarter, according to a recent filing showing the position as of June 30.
While the hedge fund’s specific intentions remain unclear, Pass has previously advocated for mergers at companies including U.S. Steel and Kenvue (NYSE:KVUE), the maker of Band-Aid and Tylenol products.
The timing of Toms Capital’s investment coincides with growing speculation about potential railroad consolidation following last month’s deal between Union Pacific (NYSE:UNP) and Norfolk Southern (NYSE:NSC).
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