Pershing Square Capital Management, the New York–based $10 billion hedge fund managed by William Ackman, has acquired a 12.2 percent stake in Canadian Pacific Railway (CP Rail), Financial Times reports. Pershing Square started building the stake in September, adds Bloomberg. The holding company comprised 20.659 million common shares, including 2.65 million common shares through call options.
CP Rail, the sixth biggest by revenue of the seven North American Class 1 railway companies, has a market value of slightly more than $10.987 billion. It operates a 22,000km network extending across Canada, and 16 states in the Midwest and north-east U.S., centered on Chicago.
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