Ackman’s New CP Rail Stake Worth $1.2 Billion
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Billionaire investor Bill Ackman said Monday he had invested once again in Canadian Pacific Railway Co., a decade after he replaced the railroad’s board of directors and implemented the late Hunter Harrison as chief executive officer in a high-profile proxy battle.
Ackman disclosed in a regulatory filing that his Pershing Square Capital Management held roughly 2.8 million shares in CP Rail at the end of December. The investor has since added to his position and currently has economic exposure of roughly 14.8 million shares, or $1.2 billion, in stock and forward contracts that it intends to exercise, a spokesman for the firm confirmed.