New York-based equity firm Pershing Square ups stake in Canadian Pacific from 12.2% to 14.2%

Alison Gallant

CALGARY, Alberta , December 14, 2011 (Calgary Herald) – Transport - William Ackman's Pershing Square Capital Management LP boosted its stake in Canadian Pacific Railway Ltd. to 14.2 per cent from 12.4 per cent.

The change, disclosed Tuesday in a regulatory filing, represents the second time that New Yorkbased Pershing increased its holding. Last month, the hedge fund exercised options to raise its stake from 12.2 per cent.

Pershing disclosed in October that it had bought shares of Calgary-based Canadian Pacific, Canada's second-biggest railroad. Pershing is holding talks with the company on changes to operations and management and said earlier this month that the discussions were "productive."

Canadian Pacific shares declined in 2011 until Sept. 23, when Pershing began buying the stock. The shares rose to $68.99 in after-hours trading on Oct. 28, when the stake was disclosed, and closed Tuesday in New York at $63.14.

Pershing is the largest investor in Canadian Pacific, according to data compiled by Bloomberg.

© Copyright (c) The Calgary Herald

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.