Activist Investor Ups Canada Rail Stake With $90M Buy

Law360, New York (November 22, 2011, 6:22 PM EST) -- Pershing Square Capital Management LP has invested $90 million in Canadian Pacific Railway Ltd., upping its stake in Canada's second-biggest railroad, according to regulatory filings Tuesday.

The buy, steered by Sullivan & Cromwell LLP's Alan Sinsheimer, brings the hedge fund's interest in Canadian Pacific to 12.4 percent, up from the 12.2 percent it revealed in regulatory filings last month. Pershing Square exercised options to buy about 3 million additional shares, filings show.

The fund, headed by activist investor William Ackman, is engaging in discussions with CP...
To view the full article, register now.