GFM Network News

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U.S. activist investor Ackman leaves CP board

Bill Ackman, the U.S. activist investor who usurped the leadership of Canadian Pacific Railway in 2012, is leaving the Calgary company’s board after his hedge fund sold off its remaining stake last month. Ackman, who heads New York-based Pershing Square Capital Management, joined CP’s board in 2012 and served on its finance and corporate governance […] Read more


CP scraps plans to buy Norfolk Southern

Reuters — Canadian Pacific Railway said on Monday it had scrapped efforts to buy Norfolk Southern, almost six months after it launched its unsolicited US$28 billion bid for the fourth-largest U.S. railroad operator. The announcement comes days after the U.S. Justice Department urged the Surface Transportation Board to reject a voting trust arrangement CP had […] Read more


Norfolk Southern rejects CP’s revised offer

Reuters — U.S. railroad operator Norfolk Southern has formally rejected a revised offer from Canadian Pacific Railway (CP), raising the prospect of a proxy battle. CP shareholder Bill Ackman said last week that CP CEO Hunter Harrison and he have both been sounded out by activists interested in a proxy fight with Norfolk Southern. Ackman […] Read more


U.S. railway Norfolk Southern rejects CP offer

Reuters — U.S. railroad operator Norfolk Southern said Friday its board had rejected Canadian Pacific Railway’s US$28.4 billion offer, calling it “grossly inadequate” and could face substantial regulatory hurdles. A struggling coal transportation market, suppressed by weak market demand and global oversupply, has weighed on the earnings of Norfolk, making it more vulnerable as a […] Read more