NEW YORK -- CSX Corp. says preliminary results of the railroad's contentious board vote show that four out of five directors nominated by activist hedge fund shareholders TCI and 3G Capital have been elected to its board.
The company said Wednesday shareholders elected TCI Founder Chris Hohn, 3G Managing Director Alexandre Behring, Gilbert H. Lamphere and Timothy T. O'Toole. Lamphere is a managing director of private investment firm Lamphere Capital Management and a former director at Canadian National Railway Co. O'Toole is managing director of the London Underground.
The only candidate nominated by the activist shareholders not elected was Gary Wilson, a former chairman at Northwest Airlines Corp.
Existing CSX board members that were re-elected include: Donna M. Alvarado, John B. Breaux, Steven T. Halverson, Edward J. Kelly III, John D. McPherson, David M. Ratcliffe, Donald J. Shepard and Chairman and Chief Executive Michael J. Ward.
NRP declares increase in 2nd quarter distribution
HOUSTON -- Natural Resource Partners L.P. Wednesday declared a second quarter 2008 distribution of $0.515 per unit for NRP, an increase of $0.02 in its quarterly distribution.
The distribution will be paid on Aug. 14 to unitholders of record on Aug. 1, according to a news release, which noted that this marks the 20th consecutive quarter that NRP has increased its distribution.
NRP, which has its operations headquarters in Huntington, owns and manages coal properties and coal handling and transportation infrastructure.
Cleveland-Cliffs to buy Alpha for nearly $10B
COLUMBUS, Ohio -- The buying spree by Cleveland-Cliffs continued Wednesday with a nearly $10 billion acquisition of Alpha Natural Resources, broadening the one-time Midwest company's international reach as well as its exposure to a global steel industry clamoring to fuel its mills.
Its biggest acquisition to date, the cash-and stock deal will create a company with the largest reserves of iron ore and metallurgical coal in the U.S. The company will be named Cliffs Natural Resources, and own nine iron ore facilities and more than 60 coal mines in North and South America and Australia.
The boards of both Cleveland-based Cleveland-Cliffs and Abingdon, Va.-based Alpha Natural Resources Inc. approved the deal, in which Alpha shareholders will receive 0.95 Cleveland-Cliffs shares ($105.89 based on the stock's Tuesday closing price) and $22.23 in cash for each share held.
7-day Archive
