TORONTO — The Canada Pension Plan Investment Board, one of the world’s largest pension funds, said it has voted to support Agrium Inc’s board nominees ahead of a shareholder meeting next week, in a blow to activist investor Jana Partners.
The Canadian fertilizer maker and farm products retailer Agrium has been locked in a war of words for months with activist investor Jana Partners LLC, a New York-based hedge fund.
Bill Ackman has six minutes.
That’s the length of his break during a meeting of the Canadian Pacific Railway Ltd. board in Calgary Thursday morning, which he’s come from New York to attend. The billionaire activist investor and founder of the Pershing Square Capital Management hedge fund is having a busy week.
By Takeover Analyst:In previous articles, I have expressed my bullish outlook on the rail industry. In this one, I argued, frankly, that "railroad stocks are heading skyward". Satiating my interest in railroads with my background in proxy fights, it is interesting to watch the battle going on at Canadian Pacific (CP).
Remember when U.S. hedge fund manager Bill Ackman railed against the cozy corporate culture of the Canadian establishment during his bruising proxy battle to unseat the blue-chip board at Canadian Pacific Ltd. last year?
Recall his lament of how difficult it was to recruit candidates to join his activist campaign because folks were unwilling to “stick their necks out” when his New York-based firm Pershing Square Capital Management LP launched an assault to force the ouster of Fred Green, chief executive of one of this country’s most venerable and underperforming companies.
Reduce operating ratio to mid-60s by midyear 2016
Reduce workforce by 23% by 2016 – about 4,500 positions
Strategic review of western portion of DM&E and D&H
Increase average train length and weight by 30%
Move headquarters to Ogden Yard north of Calgary in early 2014
Around mid-July, just weeks after Hunter Harrison took over as chief executive of Canadian Pacific Railway Ltd., the venerable railroader met with about
Canadian Pacific Railway Ltd. says it will meet its financial targets two years early and has set an ambitious set of new goals for 2018, including more than doubling its earnings per share.
“Our transformation over the last two years has been nothing short of remarkable, but the journey is far from over,” CEO Hunter Harrison said in a statement Wednesday.
Consolidation in the rail industry could be back on the front burner after battle-scarred veteran Hunter Harrison stepped down from the head of Canadian Pacific Railway Ltd., reportedly to work his magic at another underperforming railroad.
When Hunter Harrison retired as CEO of Canadian National Railway Co. in 2009, he planned to return to his estate in Connecticut and take it easy, focusing on charitable work, his horse-breeding business, and maybe writing a book.
But some people just aren’t very good at taking it easy. Less than two years later, Mr. Harrison was tapped by activist investor Bill Ackman to lead CN’s chief competitor, Canadian Pacific Railway Ltd., and he gladly accepted.
Hunter Harrison is a man who’s used to being proven right. He’s transformed three railroads from laggards to leaders in his half-century-long career, confounding his critics and reshaping the industry along the way.
TORONTO — The collapse of Canadian Pacific Railway Ltd.’s bid for Norfolk Southern Corp. has done nothing to dissuade the company’s outspoken CEO that railway consolidation must and will happen.
In the meantime, however, CP shareholders will benefit from the cash that has been freed up by the failed merger attempt, with the company announcing Wednesday that it will buy back up to 6.91 million shares, or about five per cent of its public float, while also boosting its quarterly dividend by 43 per cent.