Ancora-led group builds large stake in Norfolk Southern, WSJ reports

An investor group led by Ancora has acquired a large stake in Norfolk Southern (NSC) and intends to engage in a proxy fight targeted at overhauling the railroad operator’s board and replacing its CEO, the Wall Street Journal’s Lauren Thomas and Esther Fung report. The group has established an approximately $1B interest and nominated a majority slate of directors to the company’s board in a bid to remove Alan Shaw, the authors say, citing people familiar with the matter. The proposed slate of directors includes former Ohio Governor John Kasich and Sameh Fahmy, who previously served as an executive at Kansas City Southern (CP), the authors note.