Canadian Pacific Railway Ltd.’s chief executive Fred Green has abruptly resigned ahead of the company’s annual general meeting Thursday morning in Calgary after 34 years of service at Canada’s No. 2 railway
Canadian and U.S. investors appear to have diverging views on the potential for a turnaround at Canadian Pacific Railway Ltd. in the lead up to its investor day next week in New York City.
CP is expected to unveil its detailed plans to right the railway under its new chief executive, Hunter Harrison, at the meeting on Dec. 4 and 5.
CALGARY — Former cabinet minister Jim Prentice has joined Canadian Pacific Railway’s board of directors.
The Calgary-based railway says the appointment is effective as of Friday.
During his time in government, Prentice was in charge of the Environment, Industry and Indian Affairs and Northern Development portfolios.
He’s currently senior executive vice-president and vice chairman at the Canadian Imperial Bank of Commerce and serves on the boards of Bell Canada and Coril Holdings Ltd.
Canadian Pacific Railway Ltd. unveiled details of its dramatically reorganized structure Wednesday, centralizing the railroad’s planning under new chief executive Hunter Harrison but also aiming to empower frontline workers to react more quickly to operational challenges and improve relations with its customers.
The unions representing CP’s workers, however, said they were still in the dark about where 4,500 job cuts, to come by 2016 under the plan, will fall.
CALGARY — Canadian Pacific Railway Ltd. has agreed to sell the western end of its Dakota, Minnesota & Eastern railway in the United States for about US$210-million.
The buyer is Genesee & Wyoming Inc., which operates short-line and regional freight railways in the United States, Australia, Canada, the Netherlands and Belgium.
Canadian Pacific Railway Ltd. said Monday it would be indefinitely putting off its expansion into Wyoming’s Powder River Basin, which was at one time heralded as the Crown Jewel in its purchase of the Dakota, Minnesota, and Eastern Railroad Corp. in 2007.
The railway said would be taking a $180-million, or $107-million after tax, charge during the fourth quarter relating to the writedown of its option to expand into the coal-rich region.
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).
CALGARY — Pershing Square Capital Management has announced a public offering of more than 5.9 million shares of Canadian Pacific Railway Ltd. that would have a value of more than $880-million at market prices.
The deal makes good on a pledge by activist investor Bill Ackman back in June to divest seven million CP shares within a year, taking advantage of a big run-up in the railway’s stock.
Ackman led a bruising proxy fight against the railway’s previous management aimed at wringing greater value out of CP stock.
Pershing Square Capital Management LP said Monday it plans to sell up to seven million of its shares in Canadian Pacific Railway Ltd. over the next six months to a year.
The New York-based hedge fund said it intended to unload the shares, which amount to roughly 30% of its stake in the railway.
Bill Ackman, Pershing Square chief executive, successfully led a proxy battle at the railway to see Hunter Harrison replace the company’s former CEO, Fred Green, last year.