CSX, the US railway group, held its annual meeting on June 25 in a rail yard on the outskirts of New Orleans.

Activist funds The Children’s Investment Fund and 3G Capital had proposed five directors for election to CSX’s 12-member board.

CSX said after the meeting that the outcome of the director election “is too close to call at this time.” The company said it would reconvene the annual meeting on July 25 to “allow the independent inspector of elections time to tabulate the voting results”.

TCI and 3G said initially that two of their nominees had secured enough votes for election, and then said that preliminary results suggested that four of their slate had been elected.

“We look forward to working constructively with the board, management and employees of CSX to realize the company’s full potential in the years ahead for the benefit of its customers, employees and owners”, the funds said.

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