American coinage.

14 December 2011

Pershing's Stake in CP Railway Continues to Grow

New York New York USA - William Ackman's Pershing Square Capital Management LP boosted its stake in Canadian Pacific Railway Ltd. to 14.2 percent from 12.4 percent.
 
The change, disclosed Tuesday in a regulatory filing, represents the second time that New York based Pershing increased its holding. Last month, the hedge fund exercised options to raise its stake from 12.2 percent.
 
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 23 Sep 2011, when Pershing began buying the stock. The shares rose to $68.99 in after-hours trading on 28 Oct 2011, 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.