EDIT:
http://trn.trains.com/news/news-wire/2016/08/03-ackmanAMSTERDAM — Pershing Square Capital Management leaders announced late Wednesday that they will sell 9.8 million share of Canadian Pacific stock that will liquidate its entire interest in the Canadian railroad.
Pershing Square's CEO Bill Ackman bought into CP in 2012 and fought a proxy war that led to the ouster of the then CP board of directors and CEO Fred Green. Ackman gained a seat on CP's board as a result of his company's holdings and installed firebrand former Canadian National CEO E. Hunter Harrison as CP's chief executive. Ackman and Harrison led unsuccessful attempts in 2014 and 2016, to takeover CSX Transportation and Norfolk Southern, respectively. In recent weeks, CP's directors confirmed long-time President and Chief Operating Officer Keith Creel, as Harrison's successor when the veteran rail executive retires in 2017.
“Canadian Pacific has completed an incredible transformation since our initial investment in 2011,” Ackman says in a news release. “Hunter Harrison and Keith Creel have restored to greatness one of North America’s top railroads and have set the company on the path to continued success."
Ackman says he will retain his board seat at Canadian Pacific through early 2017 and the next annual shareholders' meeting. In a statement, Pershing Square officials say they will use the money from selling Canadian Pacific stock to fund other investments.
