Pershing Snaps Up Canadian Railway Stake

Oct 31 2011 | 9:06am ET

William Ackman has turned his activist eyes to one of Canada's legendary companies.

Ackman's Pershing Square Capital Management has bought a huge cache of Canadian Pacific Railway shares. The New York-based hedge fund owns the equivalent of 12.2% of the freight company, which owns tracks running from Montréal to Vancouver, as well as several U.S. branches, in stock and options.

Pershing Square bought up its stake last month. It said in a regulatory filing that it may engage in talks with management.

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