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.
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.
By Streetwise Blog:
By Tim Kildaze
Here’s a brainteaser for you: Because Canadian Pacific Railway Ltd. (CP) has underperformed its rivals for so long, did shareholders really need an activist to show them the light?
Canadian Pacific Railway is planning to relocate much of its head office from downtown Calgary, union officials and a source close to the company said, under a restructuring plan that its new chief executive will detail to investors in early December.
Chief Executive Hunter Harrison told U.S. union leaders and a Canadian union president that Canada’s second-biggest railroad will move employees out of its glass-towered headquarters as part of an ambitious cost-cutting plan.
Canadian Pacific Railway Ltd.’s goals for improving its operations are “unachievable” and a double-digit correction may be lying in the wings in the coming months, one analyst warned investors Thursday.
Walter Spracklin, an analyst at RBC Capital Markets, splashed cold water on CP’s red-hot stock in the lead up to its investor meeting next week, where the company’s new management under recently appointed chief executive, Hunter Harrison, is expected to unveil its turnaround plan.