CP showdown in Calgary
Posted May 14, 2012 6:06 am.
This article is more than 5 years old.
The drawn-out fight over the future of Canadian Pacific Railway comes to a head with the annual shareholder meeting in Calgary this week.
The deadline for casting votes to elect directors to the 16-member board comes with the meeting on Thursday.
The Globe and Mail reports investor Bill Ackman, the CEO of New York based hedge fund Pershing Square Capital Management LP, has momentum going into the gathering.
Pershing Square is the largest shareholder of the railway with a 14.2 per cent stake.
Things became heated late last year when he enlisted former Canadian National Railway CEO Hunter Harrison to help oust the current boss, Fred Green.
Ackman says Harrison is the one who can turn the underperforming company around.
