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The activist that shook up CSX Corp. has wound down most of its investment in the railroad operator, marking an end to a three-year saga that helped spur a massive overhaul of the U.S. railroad industry.
Paul Hilal’s investment vehicle, Mantle Ridge LP, has sold off nearly all of its $1 billion position in CSX, according to securities filings. About 4.7 million shares were bought back by the railroad.
Hilal retains ownership of about 3.4 million shares of CSX, according to a regulatory filing, and he will continue to serve as a director and vice chairman of the company’s board.
Shares of CSX CSX, +3.03% have roughly doubled since January 2017 when The Wall Street Journal reported that Mantle Ridge would mount a campaign to shake up transform the railroad company.
An expanded version of this report appears on WSJ.com.
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